Sensex, Nifty erase early gains on profit booking in banks

Epic Update ICICI Bank

Epic Update ICICI Bank

Benchmark indices wiped out early gains on account of profit booking in banks, FMCG and infra stocks. Index heavyweights Infosys, Reliance Industries and HDFC continued to support the market. Investors awaited corporate earnings, especially SBI numbers to check asset quality performance.

The 30-share BSE Sensex was down 68.47 points at 28221.45 and the 50-share NSE Nifty fell 27 points to 8742.05.

The market breadth also turned negative as about 1259 shares declined against 1118 advancing shares on the BSE.

Bharat Iyer of JPMorgan expects a phase of consolidation in the equity markets near term. A pick-up in growth over second half of FY17 should, however, pave the way for sustainable returns, he believes while maintaining a year-end Nifty target range of 9,300-9,600.

ICICI Bank, Larsen and Toubro, HDFC Bank, SBI, Maruti Suzuki and Tata Steel were leading contributors to Sensex’s losses, down 0.5-2 percent while Infosys, TCS, Reliance Industries, HDFC and Lupin gained 0.3-1 percent.

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