Sensex erases gains, Nifty breaks 8000 on profit booking

Equity benchmarks wiped out early gains with the Nifty breaking 8000 level on profit booking. Banking & financials, auto and FMCG stocks were under pressure while healthcare, technology and metals stocks gained.

The 30-share BSE Sensex was down 13.78 points at 25947 and the 50-share NSE Nifty fell 4.55 points to 7997.75 while the broader markets outperformed benchmarks.

The BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth. About 1143 shares advanced against 695 declining shares on the BSE.

L&T extended gains in morning, up nearly 4 percent after the company maintained its order inflow and revenue guidance for FY17.

Asian Paints and Tata Steel gained 2-3 percent whereas HDFC was the biggest loser on Sensex, down 2.7 percent followed by ITC, Maruti, M&M, ICICI Bank, Wipro and HDFC Bank.

Asian stocks traded higher, tracking US stock markets’ rise to all-time closing highs on Tuesday. Australian index surged 1 percent.

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Posted in: Indian Market Tips