Markets snap 6-day rally as Nifty consolidates near 8,400 mark

Mumbai: The Sensex snapped 6 days of upward movement on profit-booking today after crossing the 28,000-level in the morning for the first time since 9 December, but slipped by nearly 45.58 points to end at 27,842.32. The BSE 30-share index resumed trading higher and again crossed the crucial 28,000 mark to touch a high of 28,064.49 points on the back of across-the-board gains on hopes of push to economic reforms.  However, profit-booking in recent gainers towards the fag-end trading dragged the Sensex down to the day’s low of 27,786.85 before settling 45.58 points, or 0.16 percent, down at 27,842.32. In the last six sessions, the Sensex had risen by almost 680 points. The broad-based 50-issue Nifty of the NSE also eased by 17.05 points, or 0.20 per cent, to end at 8,378.40. Intra-day, it went past the 8,400-level to touch a high of 8,445.60. It touched the session’s low of 8,363.90. Brokers said sentiment remained upbeat at the outset after the government promised bold reforms in the banking sector at the two-day bankers’ meet ‘Gyan Sangam’ but higher levels could not be sustained as participants indulged in booking profits in bluechip stocks at prevailing levels amdist a weak trend overseas. Fall in key counters including Dr Redddy, Bharti Airtel, Hindalco, HDFC Ltd, TCS, Sesa Sterlite, RIL, Infosys, SBI, BHEL, Coal India, HDFC Bank, M&M and Tata Power mainly weighed on the market sentiment. “Profit booking at current levels and a cautious approach by participants ahead of earnings season with Infosys to post results on Friday kept market volatile today,” said Manoj Choraria, a Delhi-based stock broker. Bucking the trend, stocks of engineering and construction major L&T ended 1.42 percent higher at Rs 1,556.50 after reports company has bagged contracts worth Rs 4,006 crore from domestic and international clients. Other gainers were Maruti Suzuki, Tata Motors, Tata Steel, ONGC, Axis Bank, Hind Unilever, GAIL, ITC Ltd, Cipla Hero MotoCorp and Sun Pharma cushioned the fall. In the 30-share Sensex, 14 stocks declined and 15 rose, while NTPC ended flat. PTI