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MUMBAI: After rising for six consecutive sessions, the sensex lost 434 points on Wednesday to close below the 73k mark again, at 72,623. Selling was across sectors, with domestic funds leading while foreign funds were net buyers. On the NSE, the Nifty closed 142 points down at 22,055.
According to market players, after a stellar run in the past few months, investors are looking to book profit at every rise.”The Indian market is facing stiff resistance at higher levels. The valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits,” said Vinod Nair, head of research, Geojit Financial Services.
According to market players, after a stellar run in the past few months, investors are looking to book profit at every rise.”The Indian market is facing stiff resistance at higher levels. The valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits,” said Vinod Nair, head of research, Geojit Financial Services.
Market players also said that global markets were mostly cautious, awaiting the details from the US Federal Reserve’s last rate setting meeting and the earnings by AI chip-making giant Nvidia.
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