The Indian stock market traded in the negative zone on Thursday after the recent surge to record high levels. Investors took to profit booking after the market surged to fresh highs, analysts said. Heavy selling pressure was witnessed in banking and finance stocks.
Around 10.10 am, Sensex was trading at 43,358.23, lower by 235.44 points or 0.54 percent from its previous close of 43,593.67.
It opened at 43,291.89 and has touched an intra-day high of 43,543.96 and a low of 43,290.63 points so far. The Nifty50 on the National Stock Exchange was trading at 12,688.85, lower by 60.30 points or 0.47 percent from its previous close.
Manish Hathiramani, a technical analyst with Deen Dayal Investments, said: “The Nifty seems to be taking a breather, which is natural and healthy for a trend to sustain. If it gets past yesterday’s high, it will resume its uptrend.”
“The overall target for the index could be in the vicinity of 13,000 and hence corrections can be fruitfully utilized to enter the markets. We have good support at 12,000 and till that holds, we can aim for higher targets,” he said.