Sensex, Nifty inch up to new peaks for 4th day; RIL falls | business | Hindustan Times
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Sensex, Nifty inch up to new peaks for 4th day; RIL falls

business Updated: May 20, 2014 16:48 IST

The benchmark Sensex on Tuesday gave up early gains and inched up about 14 points to end at fresh closing high for the fourth day in a row, amid signs of profit booking in recent gainers like RIL, ONGC and Coal India.

In volatile trade, the 30-share index opened strong and rose to the day's high of 24,587.16 but thereafter slipped into negative zone as investors encashed gains.

It hit a low of 24,299.53 before making a recovery to settle at 24,376.88 – up 13.83 points, or 0.06%. It surpassed previous closing peak of 24,363.05 made on Monday. Sensex has now gained 562 points in four sessions on sustained optimism over incoming Narendra Modi-led government.

While there was renewed buying in recent under-performers like IT and drugmaker sectors, oil and gas shares saw heavy selling. RIL and ONGC slumped 3.7-4%. Coal India after a strong show yesterday fell 5.9% on Tuesday.

Auto shares including Hero Moto, Tata Motors, Maruti and Bajaj Auto saw profit-taking, traders said.

The 50-share NSE index Nifty rose by 11.95 points, or 0.16%, to yet another record closing high of 7,275.50, after scaling intra-day peak of 7,350.65.

Foreign institutional investors (FIIs) continued their buying spree by investing a net Rs 1,350.04 crore on Monday, according to provisional data from the stock exchanges.

"Profit-booking in recent gainers and cautious approach adopted by participants at current record levels, slowed down the rising pace to some extent", said Deepak Pahwa, a Delhi-based stock broker.

A firming trend in the Asian region also strengthened the market sentiment, brokers said.

Interest-sensitive realty sector was the star performer by rising the most by 4.89%, consumer durables index rose by 2.37% and metal index by 1.61%.

IT index recovered by 2.11% on the back of rebound in IT bellwether Infosys which rallied 3.19% , Tata Consultancy by 1.39% and Wipro by 2.61%. In pharma, Dr Reddy Lab rose by 1.13% and Cipla gained 1.13%, pushing the BSE healthcare index by 1.48%.