Mumbai: Indian equity benchmarks fell 0.5 per cent on the back of profit booking on Wednesday after posting nearly 3 per cent rally on short covering on Tuesday. Overall it was a consolidation day for the market ahead of expiry on Thursday. The 30-share BSE Sensex fell 78.01 points to close at 16,446.02 and the 50-share NSE Nifty slipped 25.35 points to end at 4,945.90.
Till German voting results come in, Deven Choksey of KR Choksey Securities says, the market should stay in a tight range of around 4850 to somewhere around 5005 levels. European parliament will hold a crucial vote on Thursday on July's EU agreement to extend the scope of the existing fund.
Eurpoean markets too were choppy after sell-off in early trade. Investors have been waiting for the bailout plan but the report said that the euro zone was divided over terms of Greece's second bailout.
Bruno Verstrate, chief executive officer of Nautilus Invest said that the markets were up on Tuesday on the news that was based on false rumours. "The politicians are still arguing amongst each other on how to handle the Greek debt crisis and how to find a universal solution to not only Greece but to the other countries as well,” explained Verstrate.
On the home turf, capital goods, banking, telecom, metal, auto and Anil Dhirubhai Ambani Group's stocks witnessed selling pressure. However, buying in realty, select technology and healthcare stocks has limited the upside.
Heavyweights Bharti Airtel, L&T, ICICI Bank, SBI and HUL fell 1-3 per cent. ADAG stocks like Reliance Communications, Reliance Power, Reliance Capital and Reliance Infrastucture slipped 3-6.5 per cent.
Sesa Goa plunged 2 per cent as Environment Ministry cancelled environment clearance to Pirna Mines of the company.
However, ONGC, ITC, NTPC, Infosys and TCS gained 0.7-1.9 per cent. DLF was the biggest gainer on Nifty - rallied 3 per cent. Reliance Industries closed flat.
The broader indices underperformed benchmarks - the BSE Midcap and Smallcap indices fell nearly 1 per cent.
About 1072 shares advanced as against 1776 shares declined on BSE. Total traded turnover was more than Rs 1.9 lakh crore.
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