The benchmark indices settle in red after trading on a new record high on January 21.
Sensex broke a psychological barrier of 50,000 and Nifty touched a fresh peak of 14,753.55 in intraday.
At close, the Sensex was down 167 points or 0.34 per cent at 49,624.76 and Nifty was at 14,590, down 54 points or 0.37 per cent.
On the Nifty 50 index, Tata Motors (5.71 per cent), Bajaj Finance (2.74 per cent), Reliance (2.18 per cent) and Bajaj Auto (1.63 per cent) were the top gainers for the day, while ONGC (-4.20 per cent), Tata Steel (-3.40 per cent), GAIL (-3.08 per cent) and Coal India (-2.93 per cent) were the top losers for the day.
On the sectoral front, all the sectoral indices ended in red led by Nifty PSU Banks which were more than 3 per cent weak, Nifty Metal and Nifty Realty lost more than 2 per cent each and Nifty Pharma and Nifty Bank were down by more than 1 per cent.
The BSE Midcap and Smallcap indices fell 0.88 per cent and 0.68 per cent respectively.
Author’s View: We believe such intraday corrections are healthy for the market. Buy on dips is the best strategy till we see any trend reversal indication.
Disclaimer: The view/s expressed above are only for educational/awareness purpose. Mumbailive.com or the author of the post bears no liability for any losses suffered by following any advice posted on the website. You are solely responsible for making your own investment decisions.
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