Profit booking, global cues subdue market, FMCG stocks fall
Profit booking, along with global cues pulled the key Indianequity indices lower during Wednesday's late afternoon trade session.
Accordingly, the key indices after hitting fresh all-timehigh levels on Wednesday morning shed major gains.
The S&P BSE Sensex had opened at an all-time high of48,616.66, and the Nifty50 on the National Stock Exchange touched a new recordof 14,244.15 points.
Some losses were witnessed in the FMCG, IT and Pharmaindices, while Metal, Media, Realty and Banking spaces traded in the green.
Around 2.30 p.m., Sensex traded at 48,074.11, lower by363.67 or 0.75 per cent from its previous close.
The Nifty50 was trading at 14,110.10, lower by 89.40 points or0.63 per cent from its previous close.
"Bank Nifty gave a range breakout in yesterday'ssession and sustaining well above the same. Thus, we may see outperformance inbanking sector in coming days too," said Jay Purohit, Technical &Derivatives Analyst, MOFSL.
"Also, we continue to maintain our bullish stance ininsurance space and advise traders to use buy on dips strategy on thesame."
According to Likhita Chepa, senior Research Analyst atCapitalVia: "US market shows some uncertainty due to the uncertain outcomeof the US Senate runoff elections in Georgia that will likely shape fiscalpolicy in the President-elect Joe Biden administration."
"New lockdown that has been imposed also shows impacton the global market and the Asian markets also likely to show a littleresistance in the uptrend rally. Though Indian market rally is likely tocontinue in the market as experts say that India's exports may grow at 11-12percent with the opportunity for a potential Covid-19 vaccine."