Nifty tops 10,000 for a moment, Sensex slips from record high on profit booking

Mumbai: The historic 10,000 level proved to be short-lived on Tuesday as the Nifty closed with a negative bias and the Sensex lost from its life high after investors went for profit in recent gainers.

The NSE benchmark made history breaching the 10,000 level for the first time by hitting an all-time high of 10,011.30 at the outset, led by stronger-than-expected earnings by blue-chips and continuous buying by foreign funds and domestic institutions.

But a wave of profit-booking dragged the gauge down by 1.85 points, or 0.02 percent, to settle at 9,964.55.

Steady monsoon progress and smooth GST take-off had helped both the key indices scale historic highs, traders said.

The flagship Sensex climbed to a fresh life high of 32,374.30 before closing down 17.60 points, or 0.05 percent, at 32,228.27.

In the last two trading sessions, the key barometer had gained 341.47 points.

NSE building. PTI

NSE building. PTI

"Market made a historical day by touching 10k supported by better earnings from blue-chips and strong liquidity. However, profit booking at higher levels pulled the market to mild correction due to psychological effect, muted Q1 results for midcaps and awaiting Fed monetary policy meet," said Vinod Nair, Head of Research, Geojit Financial Services.

Participants also looked up to US Federal Reserve policy meeting later on Tuesday. Key indices in the Asian region lay low.

Major losers include Lupin 1.96 percent, along with Tata Motors, Coal India and Sun Pharma.

Asian Paints fell 0.35 percent after the company on Tuesday reported 20.23 percent decline in consolidated net profit for the first quarter ended June.

Bharti Airtel surged 1.76 percent after reports of the government considering giving telecom companies more time to pay for the spectrum they bought, in a bid to ease sectoral stress.

Axis Bank too rose 1.94 percent, TCS up 1.50 percent and Tata Steel 1.03 percent.

Domestic institutional investors (DIIs) bought shares worth Rs 668.87 crore while foreign portfolio investors (FPIs) sold shares to the tune of Rs 366.84 crore on Monday, showed provisional data.

The capital goods index fell the most. Auto, healthcare and FMCG too weighed. Sectoral indices such as metal, realty and banking finished higher.

Broader markets -- the midcap and smallcap indices -- outperformed.


Published Date: Jul 25, 2017 05:38 pm | Updated Date: Jul 25, 2017 05:48 pm


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