Sensex, Nifty continue to see profit booking; RIL, TCS drag

Equity benchmarks continued to see profit booking but broader markets maintained outperformance. The BSE Midcap index gained 0.2 percent and Smallcap rose 0.8 percent as about two shares advanced for every share declining on exchange.

The 30-share BSE Sensex declined 94.19 points to 25247.67 and the 50-share NSE Nifty slipped 29.70 points to 7708.70.

Just ahead of the Union Budget, with the market trading close to 23,000 levels and a lot of pessimism building in, Manishi Raychaudhuri of BNP Paribas told CNBC-TV18 he expects the benchmark to reach 29,000 by December this year.

A month and a 2,300-point gain on, he is sticking to the call.

Reliance Industries, TCS, HDFC Bank, Bharti Airtel and Tata Motors were top five contributors’ to Sensex fall.

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Posted in: Indian Market Tips