Markets end lower on profit booking; power, IT, banks slip

The markets retreated on the back of profit booking, after witnessing a rally of 12% in last six sessions. They saw consolidation throughout the session as well. The broader indices were quiet in trade, so the advance:decline ratio remained 1:1.

Selling in technology, oil & gas, power, banking, realty and select telecom stocks put pressure on the benchmark indices. However, buying in select metal stocks along with Maruti, L&T and HUL capped the losses to some extent.

The 50-share NSE Nifty traded in a range of 4450-4500, before closing at 4469.10, down 0.74% or 33.15 points. The 30-share BSE Sensex ended at 15,062.49, down 128.52 points or 0.85%, after seeing a range of 15,000-15,150. The Nifty July futures ended with 2 points premium (provisional figures).

Ambareesh Baliga of Karvy Stock Broking did not think that this is start of a meaningful correction. For citing the reason, he said, "There is still momentum in this market so this is one of a consolidation sideways movement. And looking at the momentum possibly we could see higher levels possibly another 100 points more on the Nifty."

"The reading which we have right now is possibly the markets may sustain at these levels for a while and we could see a correction which need not take the markets to those levels which we were talking about earlier but surely levels of around 4,100-4,200," he added.

High beta stock, Suzlon Energy declined 3.45%. The company successfully closed its GDR (global depositary receipt) issue and raised $108 million. GDR issue was priced at Rs 89.55/share. The company also raised funds via bonds worth USD 93.8 million.