After witnessing a firm opening on Wednesday, the stock markets erased all its early gains due to profit booking at higher level on the back of selling pressure in the oil & gas sector and the metal stocks. The benchmark 30-share Sensex of the Bombay Stock Exchange (BSE) ended up losing 188.86 points or 0.99% to close at 18,938.87 points. While the broader S&P CNX Nifty of the National Stock Exchange (NSE) lost 80.60 points or 1.41% to close at 5,617.55 points.
Despite positive cues from the US markets which ended on positive note on Tuesday, most of the Asian markets on Wednesday traded flat and even the bourses followed suit before witnessing some profit taking at the fag end of the trading session. However, after gaining around 190 points in the early trades the Sensex remained range bound during the entire session before shedding 189 points.
Experts believe that the markets are going to remain volatile ahead of the expiry of the November derivative series on Thursday. As on Wednesday, the Nifty November series witnessed a roll over of around 50% which was in line with the expiry of the past derivatives contracts.
Apurva Shah, head of research, Prabhudas Lillaladhar said, ?We saw some profit booking in the later half of the day. In the morning trades, the markets remained range bound and as the European markets opened in negative, we too witnessed some selling pressure. However, the selling was not substantial as was expected in the current situation, which can be termed as a volatile market?.
The overall markets breadth in the BSE was negative with 1,306 stocks advancing against 1,497 stocks ending the day on a low note while 70 stocks remained unchanged.
