BSE Sensex and Nifty saw some profit-taking in early noon trade but broader markets remained firm with CNX Midcap Nifty index hitting a new high.
The Sensex rose as much as 224 points at its day high of 24,587.16 but profit-taking in recent outperformers dragged the markets lower.
Market analyst Sarvendra Srivastava says markets were overbought position in the short term. He expects Nifty to be rangebound to be between 7100 and 7300 for this week and sees 6900-7000 levels as key support levels.
Profit-taking was seen in oil & gas, power and PSU stocks after they had rallied sharply in the past few trading sessions. The BSE oil & gas sub-index was down 2.7 per cent to be the biggest loser among the sectoral indices. Coal India was down nearly 5 per cent to Rs 369.90. It had gained over 12 per cent yesterday. RIL was down 2.9 per cent while ONGC lost 3.9 per cent.
Some buying was seen in IT stocks after their sharp selloff yesterday. Infosys was up 2.6 per cent to 3,094.15 while Wipro rose close to 1 per cent.
The CNX Midcap index hit a new high of 10,086.60 in the early session. At 11:15 a.m., Sensex was down 15 points at 24,348.04 while Nifty was almost unchanged at 7,262.95.
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