Sensex, Nifty slip on profit booking after 5% rally

Indian benchmark indices Sensex and Nifty turned red on Wednesday, paring early gains due to profit booking after rising about 5% over the past four sessions. The Sensex fell around 500 points from its day's high, trading at 76,869.25, down 0.06%, while Nifty slipped to 23,793.80, down 0.07%. Weak global cues added pressure, with Asian markets hitting six-month lows as technology stocks declined amid concerns over AI spending. Japan's Nikkei fell over 4%, and US stock futures dropped, with Nasdaq-100 futures down 1.7%, as traders weighed potential Democratic gains in the 2026 US midterm elections. Investors fear tighter regulatory scrutiny of AI companies if Democrats win, questioning whether heavy investments will yield returns. Technical analysts note Nifty faces resistance at 24,000, with support at 23,600, while the RSI near 68 signals strong bullish momentum.