Sensex closes at 31,109 as investors shrug off North Korea missile test, await Fed stance
Sun Pharma was down as much as 13% after it reported a 14% fall in net profits last week.business Updated: May 29, 2017 15:59 IST
Keeping the record-breaking streak of last week, Indian markets touched a new peak on Monday even though investors booked profits amid geopolitical risks in East Asia after North Korea tested a missile and increasing chances the US Federal Reserve may raise interest rates next month.
The share benchmarks--Sensex and Nifty--touched record highs.
The Sensex touched an intra-day peak 31214.39 and the Nifty hit a record 9,637.75 in intra-day trade. The market lost some steam in intra-day but the Sensex closed at a record 31,109.28 and Nifty at 9,604.90.
HDFC led the Sensex chart gaining 3.3%, followed by Hindustan Unilever up 3%, Power Grid 2.8%, ITC 2.4% and Reliance Industries 1.6%.
Sun Pharma was down as much as 13% after it reported a 14% fall in net profits last week. Other major losers were Lupin, ICICI Bank, Wipro, Adani Ports, Cipla, Maruti Suzuki, NTPC, ONGC and Infosys, falling by up to 4%.
Sectoral indices for real estate, power, banking and capital goods were down.
Asia traded mixed with Japan’s Nikkei was flat while Hong Kong’s Hang Seng rose 0.24% and Shanghai Composite 0.08%. South Korea’s Kospi was down 0.1%.
The dollar rose on Monday from last week’s 6-1/2-month lows.
Markets remained cautious after North Korea’s latest missile test but there was no major concern.
Investor are also bracing for the next interest rate hike by the US Federal Reserve after San Francisco Federal Reserve president John Williams said on Monday that medium-term trends in inflation remained “pretty favourable”.