The Sensex breached 25,000 for the second time in its history on Monday, swinging 742 points between the day’s high and low, but gave up initial gains to close almost flat amid heavy profit-booking ahead of Narendra Modi’s swearing-in as Prime Minister.
People walk past a billboard outside Bombay Stock Exchange. (HT Photo/Anshuman Poyrekar)
The benchmark index gained 24 points, or 0.1%, to end at a record 24,716.88. It had hit a life-time high of 25,375.63 on May 16, the day of the election results.
The NSE Nifty, which gained 136 points during the day, ended 8 points, or 0.1%, down at 7,359.05.
“After a sharp rally a correction on account of profit-booking was expected,” said Rikesh Parikh, vice-president, corporate broking, Motilal Oswal Securities.
“Strong profit-booking was seen in mid-caps (down 2.1%)and small-caps (down 2.2%), and sectors like realty, (down 5.2%) and power (down 2.9%)... FIIs have turned sellers in stock futures since past few days,” said Jayant Manglik, president, retail distribution, Religare Securities.
The rupee also fell 19 paise — its sharpest drop in over a month — to close at 58.71 against the dollar, amid demand for the American currency from oil importers and profit-booking in equities.