Sensex, Nifty pare gains on bouts of profit-booking; rupee up 10 paise to 68.42 against US dollar

Mumbai: The BSE Sensex pared its early record highs, though trading 84.11 points higher in late morning deals amid buying IT, Teck and Energy sectors ahead of Infosys' June quarter earnings scheduled later in the day.

Earlier, the index hit a fresh record high of 36,740.07 on a buying spree by domestic funds.

The 30-share index was trading higher at 36,632.52, showing a gain of 84.11 points, or 0.23 percent at 1320 Hrs.

However, the broader Nifty-50 index trading lower at 11,017.55, a marginal loss of 5.65 points, or 0.05 percent.

Caution crept as profit-booking was witnessed in most sectors as investors reacted to key macro data release which came post market hours yesterday.

Representational image. Reuters.

Representational image. Reuters.

The Consumer Price Index (CPI) inflation rose to a five-month high of five percent in June, while the Index of Industrial Production (IIP) slowed to a seven-month low of 3.2 percent in May.

Telecom, realty, power, consumer durables, capital goods, industrials, basic materials, industrials, FMCG, banks and financials saw profit-booking.

Major gainers were Infosys, Wipro, Reliance Industries, Coal India and Kotak Mahindra Bank.

Notable losers were Axis Bank, ONGC, SBI, ICICI Bank and M&M.

Most Asian markets rose as China refrained from detailing retaliation plans against threatened US tariff increases. The US and China reportedly signalled they were open to resuming negotiations over trade after days of exchanging retaliatory threats.

US stocks closed solidly higher yesterday with the Nasdaq Composite Index ending at a record on the back of a rally in internet and technology giants.

Rupee up 10 paise to 68.42 against US dollar

The rupee pared its initial gains, while trading 15 paise higher at 68.42 against the American currency in late morning deals on continued bouts of dollar selling from banks and exporters.

The rupee resumed sharply higher at 68.32 from yesterday's closing level of 68.57 at the inter-bank foreign exchange here.

The Indian unit traded between 68.31 and 68.43 on sustained selling of the US dollar by banks during morning deals, it was quoting at 68.42 at 1030 hrs.

"Macro concerns and dollar's strength pressured the rupee sentiment," a dealer said.

Meanwhile, the domestic industrial production slipped to a seven-month low of 3.2 percent in May due to sluggish performance of manufacturing and power sectors, while retail inflation continued to remain firm in June on costlier fuel.

Overseas, the US dollar was buoyant near a 10-day peak against its major peers in early Asian trade, supported by US Treasury yields that edged higher on expectations the American inflation rate will rise.

Updated Date: Jul 13, 2018 14:01 PM

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