Late sell-off drags the market sharply, in one of the biggest fall after Budget proposals were presented in the Parliament: Benchmark indices retreated from day's high to end lower after three consecutive sessions of gains on losses in metal, information technology and select banking shares. Intra-day markets scaled fresh-record highs on post-budget rate cut by Reserve Bank of India (RBI) which led to Sensex breaching the 30,000 mark for the first time. Global equities pulled back from recent record highs on Wednesday, with investors turning cautious after underwhelming euro zone PMI data and ahead of central bank meetings. Markets lost momentum in the last hour of trading with Nifty touching low on persistent profit booking mainly in Metals, Banking, IT and energy stocks. The Sensex ended lower by 213 points at 29380.7 and the Nifty was down 73.6 points at 8922.65. On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity.
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