Markets witness profit booking!! Traders.. Make hay while the sun shines: Angel Broking

"The Indian equity markets experienced bouts of profit booking after solid gains witnessed in the past few weeks. Reliance industries continued its fine show as the pricing tariff offered giving certainty to earnings from the telecom vertical as well as offering 20% more data than competition has kept the existing incumbents on its toes in terms of both pricing and attracting more data traffic. Select pharma counters like Aurobindo Pharma and Lupin supported the market move as did the large cap IT companies like Wipro and Infosys. Mid caps continued their unabated run and selective stocks continued performing well. Banks witnessed massive profit booking and counters like Axis, Bank of Baroda, Yes Bank and ICICI bank saw sharp corrections while telecom stocks like Idea, Bharti took a beating. Overall, it was a day of consolidation and from the trade setup it did appear that some profit booking was partially initiated."

Source : Equity Bulls

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