Sensex slips 300 points on profit booking; HDFC, L&T, Infosys shares fall

the Indian stocks opened lower in Thursday’s first session due to investors booking profits after strong gains in the past two to three sessions.

At 10:28 a.m., Sensex was trading at 59,272 points, down 0.5% or 285 points from the previous close of 59,558 points. He opened at 59,528 points.

Nifty was trading at 17,687 points, down 0.5% or 93 points from the previous close of 17,780 points. He opened at 17,767 points.

Among the actions, HDFCL&T, SBI Life, Infosysand Bajaj Finance were the top five losers in the morning session.

On the contrary, Motocorp Heroes, Maruti-SuzukiBajaj Auto, Titan and Tata Consumers were the main winners.

“Technically the market is strong, helped by the steady decline in FII sales, and DIIs and retail investors are consistently buying dips. Financials are strong and IT is coming back from the recent correction. trend is expected to continue,” VK Vijayakumar said. , chief investment strategist at Geojit Financial Services.

Overall, markets are very volatile and this is likely to continue until some clarity emerges on the US Federal Reserve’s rate hike decision in March, Vijayakumar said.

“If the Fed opts for a 50 basis point rate hike in March, as some pundits fear, there will be a sell-off in equity markets globally. But now it is a low probability event Fed would prefer gradual rate hikes without upsetting markets.”

At its last meeting held last month, the US central bank’s Federal Open Market Committee said it was ready to tighten monetary policy by raising rates.

At the same meeting, the Committee kept its key interest rate “near zero” and said it expected a rate increase “to be appropriate soon.”

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