Benchmark indices were trading lower after gaining 529.62 points in the last four trading sessions. The BSE barometer, the Sensex was trading 93.87 points or 0.45% lower at 20,629.10 points, while the NSE’s Nifty was trading 31.70 points or 0.52% lower at 6,121.05 points at 2.00pm IST.
However, experts feel that markets remain strong and investors contiue to be bullish. “Markets are consolidating in the range. This a correction and there is no reason to panic. Investors remain bullish in the medim- to long-term,” said Nirmal Jain, founder, chairman, India Infoline.
Most Asian indices were trading lower with the HSBC’s preliminary reading showing that the Chinese Purchashing Managers’ Index (PMI) for February had contracted to 48.3, from 49.5 recorded in January. The Hang Seng (-1.19%), KOSPI (-0.64%), Jakarta Composite (-0.09%) and Taiwan Taiex (-0.61%) were trading in the red.
Back home, among individual stocks, ICICI Bank (-1.94%), Bharti Airtel (-1.60%) and Tata Steel (-1.24%) were among the major losers on the 30-share Sensex Among sectoral indices, the BSE Bankex (-1.23%), BSE Metal (-0.51%) and BSE FMCG (-0.43%) were the major losers.
