Indian stock indices decline, analysts point to profit booking

Indian stock indices settled lower on Tuesday, extending marginal losses from the previous session, in what analysts attributed to continued profit booking at higher levels.

- TBG NETWORK

The Nifty ended 143 points lower, while the Sensex was down by 504 points, data showed.

"Among sectors, buying interest was seen in selective auto and paint stocks, whereas the capital market index lost the most, shedding over 1 per cent," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

After a gap-down open, the market has been consistently facing selling pressure at higher levels. "We are of the view that, intraday, the market texture is weak, but a fresh selloff is possible only if the index dismisses the 26,000/85000 level," Chouhan said.

"Overall, markets are likely to remain in consolidation mode, reacting to domestic and global cues, with US jobs data expected to guide the Fed's policy outlook next week. Rate sensitive sectors will stay in focus ahead of the RBI policy outcome on Friday," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.