Sensex hits new high of 30,184 intra-day, ends lower as Trump tax plan fails to cheer investors
Asian shares also eased as a long-awaited U.S. tax cut plan unveiled by Donald Trump on Wednesday failed to inspire investors.business Updated: Apr 27, 2017 17:51 IST
Indian shares touched new intra-day highs on Thursday tracking positive cues from Asia but gave up gains as Europe traded in the red.
The 30-share BSE Sensex touched a new high of 30,184 in intra-day trade, or 51 points higher than Wednesday’s record close of 30133.35. Nifty too touched a new high of 9,367, tad higher than Wednesday’s closing of 9,352.
The markets, however, gave away gains and traded flat as investors took a breather.
The Sensex ended down 104 points, or 0.34%, at 30,029.74, while the Nifty closed down 0.1% at 9,342.15.
Investors booked profits in recent outperformers such as ITC Ltd, while Axis Bank fell on a drop in quarterly profit.
Asian shares also eased as a long-awaited U.S. tax cut plan unveiled by Donald Trump on Wednesday failed to inspire investors.
Indian investors were also braced for volatility as monthly derivative contracts are due to expire at the end of the session.
Still, broader sentiment remained positive, given hopes for improving corporate profits and accelerating economic growth in India.
The broader Nifty hit an all-time high for the second straight session on Wednesday, when the benchmark Sensex too touched a record high, surpassing its previous record set in March 2015.
“After a big run-up in the market and after reaching record highs, there is always a tendency for some profit booking,” said V.K. Vijayakumar, chief market strategist at Geojit BNP Paribas Financial Services.
Shares of ITC fell as much as 1.8% after a three-day winning streak and was among the biggest losers on the NSE index.
Financial stocks also fell, led by the country’s third-biggest private sector lender by assets, Axis Bank Ltd.
Axis Bank fell as much as 2.7% after reporting a 43% drop in fourth-quarter profit on Wednesday. (With inputs from Reuters)