Taking Stock | Profit booking pulls Nifty to 17,800; Sensex falls 566 points; power stocks gain

Taking Stock | Profit booking pulls Nifty to 17,800; Sensex falls 566 points; power stocks gain

Indian benchmarks indices saw profit booking for the second consecutive day on April 6 on the back of weak global cues as investors await the FOMC March meeting minutes, to be released tonight.

At close, the Sensex was down 566.09 points or 0.94 percent at 59,610.41, and the Nifty was down 149.70 points or 0.83 percent at 17,807.70.

At a conference on April 5, Federal Reserve Governor Lael Brainard said she expects methodical interest rate increases and rapid reductions to the Fed's balance sheet to bring US monetary policy to a "more neutral position" later this year, with further tightening to follow as needed, reported Reuters.

"The main indices are muted due to drop in HDFC group stocks after the rally, and the subdued performance of IT sector in anticipation of weak results on a QoQ basis and weak global cues," said Vinod Nair, Head of Research at Geojit Financial Services.

"The broad market has maintained its momentum due to the good performance of Mid & Small caps."

"We can expect volatility in the near-term ahead of the RBI policy meeting which is expected to hold the rates but increase inflation forecast," he added.

HDFC Bank, HDFC, HDFC Life, HCL Technologies and Tech Mahindra were among the