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Sensex, Nifty retreat after hitting new peaks on profit-taking

business Updated: Nov 19, 2014 17:20 IST


Indian stocks sold off sharply inlate trade on Wednesday after hitting new peaks with Sensex ending 130 points down at 28,032.85 and Nifty slipping 44 points to end below 8,400 mark on profit-booking and weak global cues.

Fall in metal, power, refinery, realty, banking and auto stocks mainly weighed on market sentiment after the BSE Sensex hit new lifetime high of 28,294.01 and NSE Nifty logged fresh peak of 8,455.65 on intra-day basis.

This is the second day indices have closed with a loss after hitting new highs. The local currency also appeared to be having a bad session with the rupee trading within a sniffing distance of 62-level against US dollar.

The S&P BSE Benchmark Sensex resumed better and improved further to an all-time high of 28,294.01 before succumbing on profit-selling to end down by 130.44 points, or 0.46%, at 28,032.85.

On Tuesday, it was down by 14.59 points. The wider 50-issue CNX Nifty of the NSE dipped by 43.60 points, or 0.52%, to end at 8,382.30.

It registered an intra-trade historic high of 8,455.65 today.

On Tuesday, it had edged lower by 4.85 points. "Markets remained in a very narrow range for most part of the trading session and corrected in last 90 minutes," said Rakesh Goyal, senior vice president, Bonanza Portfolio.

Tata Motors, RIL, ONGC, Sun Pharma, HDFC Bank, Tata Steel, SBI, Sesa Sterlite, M&M, NTPC, BHEL and Coal India mainly kept markets under pressure.

Rise in HDFC, Dr Reddy's, L&T, HUL, Bajaj Auto and Bharti Airtel cushioned the fall to some extent. Mid-cap and small-cap companies also fell on late profit-booking by wary retail investors.

Meanwhile, Foreign Portfolio Investors sold shares worth net Rs 101.98 crore on Wednesday, according to provisional data. Asian markets closed mixed with a downward bias despite overnight record US stocks and buzz of a snap poll in Japan.

Indices in China, Hong Kong, Japan and South Korea ended in negative zone while those from Singapore and Taiwan ended up. European shares washed out initial losses and were trading better in their late morning deals.

The CAC was up by 0.19% and the DAX by 0.36% while the FTSE was down by 0.20%.