Profit booking is being seen in the market after 2 consecutive months of rise.

New Delhi (Uttam Hindu News): China released mixed manufacturing data on Tuesday, following which domestic stock markets were on a softer note compared to Asian peers. At Tuesday’s close, the Sensex was down 379.46 points at 71,892.48, while the Nifty was down 76.10 points at 21,665.80.

Siddharth Khemka, head of retail research, Motilal Oswal Financial Services, said the Nifty remained in the negative zone throughout the session. Khemka said that sector wise it was a mixed situation and buying was seen in pharma, oil and gas and metals. Global markets will react to US S&P manufacturing data to be released on Tuesday. On the domestic front, the market is witnessing profit booking in January after two consecutive months of strong growth.

Last year, Nifty had increased by 5 percent in November and by 8 percent in December. Additionally, investors turned cautious ahead of the FOMC meeting minutes to be released on Wednesday and rising tensions in the Red Sea. India will also release manufacturing PMI data on Wednesday. Khemka said, thus investors will take cues from the economic data during the week.