Indian Indices Decline Despite Global Support as Profit Booking Takes Hold

26 Feb 2024 , 01:04 PM

Despite positive global cues, Indian indices opened lower and extended losses throughout the day due to increased profit-booking activity. The market rally lost momentum as both the Sensex and the Nifty declined during afternoon trading on February 26. Investors hurried to secure profits in heavyweight stocks such as TCS, Infosys, RIL, ICICI Bank, Axis Bank, and ITC.

At 1 pm, the Sensex was down by 301.46 points or 0.41%, standing at 72,841.34, while the Nifty recorded a decline of 85.25 points or 0.38%, reaching 22,127.45. The broader market indices also experienced losses, with the BSE midcap index down by 0.6% and the BSE smallcap index down by 0.1%.

With the exception of the media sector, most sectoral indices were in negative territory. Apart from Media and Auto, all other sectoral indices were in decline, with IT being the worst performer, down by 1.62%, followed by Metal, which was down by 1.03%.

Among the top losers on the Nifty were Asian Paints, Hindalco Industries, Apollo Hospitals, Divis Labs, and Tata Steel, while the gainers included Power Grid Corp, L&T, Adani Enterprises, Adani Ports, and Eicher Motors.

In afternoon trade, about 1490 shares advanced, 1916 shares declined, and 110 shares unchanged.