Sensex closes below 80,000 amid profit-booking

Mumbai: The Indian equity indices closed in the red on Wednesday amid profit booking in the broader market.

At closing, Sensex was at 79,924, down 426 points or 0.53 per cent, and Nifty was at 24,324, down 108 points or 0.45 per cent.

The Nifty smallcap 100 index fell 167 points or 0.88 per cent, at 18,789 while the Nifty midcap 100 index closed at 56,921, down 156 points or 0.27 per cent.

According to experts, "the Indian market experienced profit booking ahead of the upcoming earnings season. The expectations are muted given moderation in sales growth due to slowdown in the world economy and consolidation in margins driven by high inflation".

Among the sectoral indices, Auto, IT, PSU bank, fin service, metal, and media were the top losers. Pharma, Energy, and FMCG were the top gainers.

In the Sensex pack, Asian Paints, Power Grid, NTPC, Bharti Airtel, and Sun Pharma were the top gainers. M&M, Tata Steel, TCS, HCL Tech, SBI, and Wipro were the top losers.

Rupak De, Senior Technical Analyst at LKP Securities said, "The bears remained at the helm as the index slipped by more than 100 points for the first time in many days. Heavy call writing coupled with decent put unwinding ahead of the weekly expiry suggests the possibility of a correction. Immediate support is placed at 24,270. Below 24,270, the Nifty might fall towards 24,100-24,000."