Stock Market Today (Image Source: PTI)
\n\nIndian equity benchmarks gave up their early gains and moved into negative territory on October 16 as investors booked profits following the previous session's sharp rally. The decline came as the Nifty approached a crucial technical resistance zone, while a rise in market volatility added to concerns about near-term momentum. At 9:50 am, the BSE Sensex was trading 117.75 points, or 0.16 per cent, lower at 74,197.016. The NSE Nifty 50 declined 30.20 points, or 0.13 per cent, to 22,967.15.
\n\nMarket breadth remained mixed in early trade.
\n\nProfit booking emerged as a key factor behind the benchmarks' reversal from their intraday highs as investors appeared to lock in gains after the Sensex moved above the 74,500 mark and the Nifty crossed 23,050.
\n\nThe correction followed a strong session in which both indices recorded their biggest single-day gains in four months. The previous rally was supported by a recovery in global artificial intelligence-related trades and stock-specific moves driven by corporate earnings.
\n\nAfter the sharp advance, some investors opted to secure profits, putting pressure on the benchmarks. The retreat also highlighted the challenge facing the market as it attempts to sustain its recovery and move beyond…
Original source: https://www.timesnownews.com/business-economy
