BSE Sensex edges lower, banking stocks and Infosys drag

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BSE Sensex had gained nearly 697 points in the previous three sessions. (AP) BSE Sensex had gained nearly 697 points in the previous three sessions. (AP)
SummaryBSE Sensex had gained nearly 697 points in the previous three sessions.

The BSE Sensex falls 0.29 per cent while the broader Nifty is down 0.3 per cent, as investors book profits after a strong three-day rally.

Lenders, which were among the biggest recent gainers, retreat. ICICI Bank falls 2 per cent while HDFC Bank is down 0.9 per cent. The Nifty rose 6.3 per cent in the previous three sessions compared with a 3.6 per cent grain in the NSE index in the same period.

Infosys falls 1 percent after hitting its highest level in nearly three years on Tuesday.

Also weighing on sentiment, foreign institutional investors sold 6.68 billion rupees worth of Indian equity derivatives on Tuesday, as per the National Stock Exchange's data.

Earlier in the morning, the BSE Sensex fell over 28 points in early trade today due to profit-booking by funds and speculators after recent gains amid a mixed Asian trend. Snapping its three-session rising streak, the 30-share barometer declined 28.04 points, or 0.13 per cent, to 20,862.78, with stocks of banks, capital goods and consumer durables leading the fall.

The index had gained nearly 697 points in the previous three sessions.

On similar lines, the NSE Nifty moved down by 9.85 points, or 0.16 per cent, to 6,193.50.

Brokers said profit booking by participants after three sessions of gains and a mixed trend in the Asian region led to fall in stock prices.

Meanwhile in Asia, Hong Kong's Hang Seng index was up by 0.49 per cent, while Japan's Nikkei shed 0.10 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.06 per cent lower yesterday.

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