Equity indices reverse all gains to end in red

New Delhi, May 26 (SocialNews.XYZ) The domestic stock market gave up all its gains on Tuesday to end in negative territory.

The BSE Sensex which surged over 400 points earlier in the day to cross the 31,000 mark, eventually ended at 30,609.30. The Nifty50 on the National Stock Exchange also closed marginally lower than its previous close.

Rahul Sharma, Head of Research, Equity99 Advisors said that profit booking was witnessed in the mid-trading session and traders were seen winding up long positions in technology and pharma stocks ahead of the monthly derivatives expiry.

"In the next few days, we expect the market to trade range-bound with a zig-zag fashion as traders will prefer not to carry forward their open positions on uncertainty in the global markets," he said.

Deepak Jasani, Head of Retail Research at HDFC Securities said sectorally, the top gainers were the metal, consumer durables and auto indices, while the top losers were the telecom, IT and healthcare indices.

According to Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities the Indian market is stuck in a dilemma.

"While domestic news flows are unfavorable, global markets are growing day by day. In such a situation the market keeps trading in a narrow trading range and Nifty is exactly behaving in the same manner," he said.

Sensex closed at 30,609.30 points, lower by 63.29 points or 0.21 per cent from the previous close of 30,672.59. It had opened at 30,864.27, touched an intra-day high of 31,086.70 and low of 30,512.14 points.

The Nifty50 settled 9,029.05, lower by 10.20 points or 0.11 per cent.

Source: IANS