An evening walk down Dalal Street: Traders should not worry; bullish trend still intact

Indian markets witnessed profit booking as both Sensex and Nifty climbed fresh record highs in the morning trade before diving.

The S&P BSE Sensex hit a fresh record high of 39,487.45 while the Nifty50 rose to a life high of 11,856.15 in the early trade.

The final tally on D-Street – the S&P BSE Sensex dropped 135 points to 39,140 while the Nifty50 closed 34 points lower at 11,752.80.

Weak manufacturing surveys from Asia and Europe stoked fears of a slowdown in global growth, adding to profit taking ahead of the long Easter weekend putting breaks on the rally in Asian markets.

Indian markets will also remain shut on Friday, April 19 on account of Good Friday.

The profit booking was led by a decline in financials after Jet Airways suspended operations temporarily due to lack of funding after lenders refused to infuse Rs 400 crore in interim funding. The airline owes about Rs 9,000 crore to its lenders.

Nifty Bank also hit a record high of 30,669.80 but then witnessed profit taking towards the close of the trade. The fall in the index was led by losses in Yes Bank, Bank of Baroda, PNB, IndusInd Bank, SBI and Federal Bank.