Mumbai: After rising for six consecutive sessions, the Sensex closed down by 434 points on Wednesday. Below 73k Recount, at 72,623. There was selling across sectors, with domestic funds leading the way while foreign funds were net buyers. Nifty fell 142 points to close at 22,055 on NSE.
According to market players, after a stellar performance in the last few months, investors are looking to book profits on every uptrend. “The Indian market is facing stiff resistance at higher levels. Valuations of the broader indices are at significant premium, leading to an adverse risk reward, which is influencing investors to book profits,” Geojit Financial. Vinod Nair, head of research at the services, said.
According to market players, after a stellar performance in the last few months, investors are looking to book profits on every uptrend. “The Indian market is facing stiff resistance at higher levels. Valuations of the broader indices are at significant premium, leading to an adverse risk reward, which is influencing investors to book profits,” Geojit Financial. Vinod Nair, head of research at the services, said.
Market players also said global markets were mostly cautious, awaiting the US Federal Reserve’s final rate-setting meeting and earnings details from AI chip-making giant Nvidia.
