Sensex erases gains, Nifty breaks 8000 on profit booking

Equity benchmarks wiped out early gains with the Nifty breaking 8000 level on profit booking. Banking & financials, auto and FMCG stocks were under pressure while healthcare, technology and metals stocks gained.

The 30-share BSE Sensex was down 13.78 points at 25947 and the 50-share NSE Nifty fell 4.55 points to 7997.75 while the broader markets outperformed benchmarks.

L&T Technology Services Update by Epic Research

The BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth. About 1143 shares advanced against 695 declining shares on the BSE.

L&T extended gains in morning, up nearly 4 percent after the company maintained its order inflow and revenue guidance for FY17.

Asian Paints and Tata Steel gained 2-3 percent whereas HDFC was the biggest loser on Sensex, down 2.7 percent followed by ITC, Maruti, M&M, ICICI Bank, Wipro and HDFC Bank.

Asian stocks traded higher, tracking US stock markets’ rise to all-time closing highs on Tuesday. Australian index surged 1 percent.

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