Sensex logs first drop in 9 days, falls after hitting new high
Snapping its bull-run for eight consecutive sessions, the benchmark BSE Sensex fell over 58 points in early trade Wednesday as participants locked-in gains at current levels amid a weak trend overseas. Besides, profit-booking in stocks of realty, auto, metal, banking, capital goods and oil & gas sectors, negatively impacted trading sentiments.business Updated: Jan 28, 2015 22:36 IST
The benchmark Sensex today hit all-time high of 29,786.32 but ended 11.86 points down at 29,559.18, its first drop in nine sessions, on profit-booking in capital goods, metal and auto shares ahead of the outcome of US Federal Reserve policy meeting.
Nervousness also played on investors' minds ahead of the expiry of monthly futures and options contracts tomorrow, traders said, adding that participants took some money off the table after the massive over 2,200-point rally in eight days. However, the NSE Nifty index finished higher by 3.80 points, or 0.04%, to close at 8,914.30.
Intra-day, it hit a high of 8,985.05. The Nifty has gained 636.75 points or 7.69% in nine straight days of gain. Consumer Durables, Realty and IT bluechips firmed up, helping the index end in the positive zone.
"Profit booking was seen in market ahead of expiry of January derivative contracts. Investors also remain cautious ahead of US Federal Reserve's announcement later in the day," said Religare Securities, President-retail distribution, Jayant Manglik. Globally, Asian stocks ended mixed as reports said US earnings and durable-goods orders disappointed investors.
Key benchmark indices in Hong Kong, Singapore, Japan and South Korea ended higher by 0.20 per cent to 0.47% while indices in China and Taiwan moved down by 0.11% to 1.41%. European markets were also trading narrowly mixed as key indices Germany and the UK moved up by 0.04% to 0.09% while France's CAC was quoting down by 0.20%.