MUMBAI: Domestic investors and speculators on Dalal Street went for profit-booking on Wednesday after seven consecutive sessions of gains although foreign investors were net buyers. As a result, the sensex closed 729 points lower at 77,289 while Nifty lost 189 points to 23,487.
According to Vinod Nair of Geojit Investments, the market experienced profit-booking on the back of next week’s US tariff announcements. “The sectors with higher exposure to the US market, like pharma and IT, have witnessed some selling pressure. Oil prices inched higher driven by US sanctions on Iran and anticipation of a drop in American crude inventories.” Nair, however, thinks that with FPIs turning net buyer, with signs of revival in fundamentals and favourable valuations, market stability is expected.
