Sensex ends tad below 29000 as cautious investors book profits

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Equity benchmarks closed mildly in red amid consolidation on Tuesday as cautious investors booked profits ahead of last phase of voting for Uttar Pradesh elections.

 

The 30-share BSE Sensex declined 48.63 points to 28,999.56 and the 50-share NSE Nifty fell 16.55 points to 8946.90 after a rally in previous session."The assembly elections result is likely to give an interim direction to the market, until then a consolidation may prevail," Vinod Nair of Geojit Financial Services said.

 

Jayant Manglik of Religare Securities also says he feels markets will remain rangebound on Wednesday as well; however, the bias would largely remain on the positive side. He advises traders to wait for decisive break above 9000 for fresh longs. On the global front, outcome of European Central Bank monetary policy during this week will also generate some volatility, Nair feels.