Indian market cools as Sensex slips 250, Nifty near 24,200
Business
The Indian stock market cooled off on Thursday afternoon, with the Sensex dropping 250 points from its peak and Nifty settling just under 24,200.
After a big two-day surge, investors started booking profits, so while both indices were still up for the day, more stocks declined than advanced.
Metal stocks fall, analysts flag 24,250
Metal stocks took a hit, with Hindustan Zinc falling over 3% for the third day in a row (down nearly 9% in total). National Aluminium Co. and Vedanta also lost around 3%.
Analysts say Nifty must stay above 24,250 for more buying to happen, but if it falls below, broader losses could follow.