Sensex, Nifty turn bearish as profit booking overshadows gains

The domestic equity share market erased all the intraday gains and ended in the negative zone in the highly volatile session on Tuesday.At close, the Sensex was down 188.50 points or 0.25 percent at 74,482.78, and the Nifty was down 38.55 points or 0.17 percent at 22,604.85. About 1987 shares advanced, 1623 shares declined, and 141 shares unchanged. Highlights of trade:
●IOC, Adani Total Gas key earnings today,
●SBFC Finance's 5.6% equity traded; stock drops 3%,
●Tata Chemical shares fall 3% post Q4 loss
●Biocon, Vodafone Idea under F&O ban,
●JNK India lists at 50% premium over IPO price,
●Trent surges 6% following strong Q4 show.
M&M, Power Grid Corporation, Shriram Finance, Hero MotoCorp and Bajaj Auto were the top gainers on the Nifty, while losers included Tech Mahindra, BPCL, JSW Steel, HCL Technologies and Sun Pharma.
On the sectoral front, IT, metal, media, oil & gas, healthcare down 0.4-1 percent, while auto, power and realty up more than a percent each.The BSE midcap index rose 0.5 percent, while the smallcap index ended on a flat note.
Rupee Close:
On 30 April'24,the Indian rupee ended marginally higher to close at 83.43 against the US dollar on Tuesday against Monday's close of 83.47.
Trading Guide:
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes that the current bull market is resilient, despite headwinds slowly gathering momentum. "FIIs (foreign institutional investor) are consistently being outsmarted by DIIs (Domestic institutional investors)and retail investors. Every time US bond yields go up, particularly when the 10-year yield rises above 4.5 percent, the FIIs sell. But the DII-plus-retail buying has been completely overwhelming the FII selling, forcing the FIIs to buy the same stocks they sold earlier at higher prices later," he said.Market experts have recommended six stocks to buy today - Jindal Steel and Power, Aegis Logistics Ltd, Union Bank, Torrent Power, Indian Oil Corporation and UltraTech Cement.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)