Mumbai, Dec 20: Equity benchmarks closed rangebound session mildly lower on Wednesday but the broader markets continued their run-up for fifth consecutive trading day.
Benchmark indices opened the day at fresh record highs, but immediately wiped out those gains and remained rangebound for rest of the day. The consolidation was expected after a rally due to BJP winning in Gujarat and Himachal Pradesh assembly elections.
The 30-share BSE Sensex close down 59.36 points at 33,777.38 and the 50-share NSE Nifty fell 19 points at 10,444.20, after hitting fresh all-time high of 33,956.31 and 10,494.45, respectively.
Experts expect the consolidation to continue for couple of weeks due to lack of domestic and global cues. The trading volumes at FII desk would also be low due to Christmas and year-end holiday.
“We continue to hold a cautious outlook on the markets overall and believe prices have run up ahead of fundamentals and would not recommend entering fresh longs at this juncture,” Nikhil Kamath, Co-Founder and Head of Trading, Zerodha said.
The broader markets outperformed benchmark indices as the Nifty Midcap was up 0.6 percent. About 941 shares advanced against 589 declining shares on the NSE.
Realty was the biggest gainer among sectoral indices, rising 3 percent.
DLF, HDIL, Indiabulls Real Estate, NCC, Jain Irrigation, Religare Enterprises, Edelweiss Financial, Fortis Healthcare, Ramco Cement, Heritage Goods, Gokaldas Exports, Future Consumer, Mandhana Retail and VIP Clothing were up 1-15 percent.
PNB, Bank of India, Sintex Industries, Rain Industries and PC Jeweller were down 1-5 percent.