Stock market slumps due to profit booking

The stock market set a new record on November 25 but fell owing to booking of profits. The Sensex was up by 694.92 points and the Nifty by 196.80 points.

The stock market, which has been steadily rising, set a new record. But it could not be maintained. The Nifty had lost 300 points during the day. This indicates the intensity of the fluctuation. The Sensex closed below 44,000 and the Nifty closed below 13,000.

The Nifty set a new record of 13,145 during the day. But since then it has fallen by 300 points. The day’s low was 12,833 points. The Sensex closed at 43828 points and the Nifty at 12858.40 points.

Banks, auto, pharma, FMCG and IT stocks, which were instrumental in pushing the stock market to new heights, were the main losers. The Nifty Bank Index was down 1.82 per cent, the Nifty Pharma Index was down 2.07 per cent, the Nifty Auto Index was down 1.68 per cent and the Nifty FMCG Index was down 1.23 per cent.

ONGC, GAIL, Adani Ports, SBI Life and Coal India were the top five gainers. ONGC gained 5.63 per cent.

Most stocks in the Nifty declined. Out of the 50 stocks in the Nifty, 43 stocks lost while 12 stocks gained. Shares of Eicher Motors, Axis Bank, Kotak Mahindra Bank, Sun Pharma and Bajaj Finance lost over 2 per cent each.