Sensex falls 500 pts from day's high, Nifty below 23,250: Key reasons behind markets paring gains
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Sensex fell 500 points from the day’s high and Nifty dropped below 23,250 on November 2.
- ✓Markets pared gains due to profit booking after rising for three straight days.
- ✓While Reliance Industries and Coal India supported the indices, selling in IT shares and ICICI Bank pulled the markets down from highs.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Moneycontrol.com
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Market Mastery
Webinar by Vishal Malkan
Find the weak links
in your portfolio by Vishal Malkan
Benchmark indices Sensex and Nifty pared their gains on November 2 due to various reasons, including profit booking.
At 1:16 pm, the Sensex was up 569.07 points or 0.76% at 75,028.60, and the Nifty was up 173.90 points or 0.75% at 23,227.00. About 2,540 shares advanced, 1,422 shares declined, and 178 shares were unchanged.
Key reasons behind markets paring gains
1) Profit booking
Markets saw profit booking after they rose for third straight day. Sensex fell 500 points from day's high while Nifty was trading below 23,250-mark.
An over 7% rise in index heavyweight Reliance Industries, which was the top gainer, pulled up the headline indices. India's largest coal producer, Coal India, also supported gains. On the other side of the trade, Infosys and ICICI Bank led declines.
Unlock the Full Story with ArthNow Premium
To continue reading this complete financial story and in-depth market context, upgrade to ArthNow Premium. Enjoy unlimited access across Web and Mobile.
Moneycontrol.com
Read the full, original unfiltered story directly on the publisher's portal.