Stock indices retreat from record levels on profit booking
5 years, 1 month ago

Stock indices retreat from record levels on profit booking

The Hindu  

Market benchmark BSE Sensex retreated from its record high level to close down by around 68 points on November 26 mainly due to profit booking in telecom, IT and auto stocks amid growth concerns and evolving political drama in Maharashtra. However, volatility ahead of derivative expiry, political drama and caution on upcoming GDP data led investors to book some profit,” Vinod Nair, Head of Research at Geojit Financial Services Rising foreign inflows and confidence that government will address the fiscal gaps through divestment can maintain the buoyancy in the market, he added. “Profit booking was clearly on investors’ radar ahead of expiry and before the crucial GDP data due on Friday as investors avoided taking long positions,” Paras Bothra, President of Equity Research, Ashika Stock Broking, commented. Dhiraj Relli, MD & CEO, HDFC Securities said though macros have still not turned positive and corporate earnings growth remains sluggish, investors are enthused by ample liquidity in the system driving transmission, gradual normalisation of risk appetite of banks, unsold housing inventory beginning to correct, PSU banks being recapitalised, NPA cycle peaking out and base becoming easier post December quarter.

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