Sensex and Nifty pare gains amid profit booking on November 2
Benchmark indices retreated from their daily highs after rising for three consecutive sessions, according to Moneycontrol.
The Sensex and Nifty pared their gains on November 2 due to factors including profit booking, according to Moneycontrol. At 1:16 pm, the Sensex was up 569.07 points or 0.76 per cent at 75,028.60, while the Nifty was up 173.90 points or 0.75 per cent at 23,227.00.
The Sensex fell 500 points from its day's high, and the Nifty traded below the 23,250 mark. About 2,540 shares advanced, 1,422 shares declined, and 178 shares remained unchanged. Broader markets stayed higher, with small-cap and mid-cap indices rising around 1 per cent each.
Reliance Industries, the index heavyweight, was the top gainer with a rise of over 7 per cent. Coal India also supported gains, rising nearly 5 per cent after reporting a 19 per cent year-on-year jump in provisional coal production for October. Other gainers included Shriram Finance, which rose over 5 per cent, and Engineers India, which rose nearly 14 per cent.
On the downside, Infosys and ICICI Bank led declines. The Nifty Media index was the major sectoral laggard, falling nearly 1 per cent. In the Nifty 50, ITC shares erased earlier gains after reaching a one-month high of Rs 269.30 apiece.
Hemang Gor, Senior Research Analyst at Axis Direct, said the Nifty bias is cautiously positive and noted that clearing 23,300 resistance targets 23,500. Shrikant Chouhan, Head Equity Research at Kotak Neo, stated that a fall below the 20-day SMA would make the uptrend vulnerable.