Stock markets retreat from record highs on profit-booking
Markets took a breather after a record-breaking run with benchmark Sensex on Friday dipping about 47 points to close at 27,868.63 on the back of modest profit-taking in metal, capital goods and power sector shares.business Updated: Nov 07, 2014 17:36 IST
Markets took a breather after a record-breaking run with benchmark Sensex on Friday dipping about 47 points to close at 27,868.63 on the back of modest profit-taking in metal, capital goods and power sector shares.
In a volatile session, the 30-share BSE index Sensex resumed slightly lower at 27,902.71 and moved in a range of 27,980.93 and 27,739.56 before concluding at 27,868.63, down 47.25 points or 0.17%.
The index has risen in 5 of last 7 days. "Local equities saw profit booking after hitting all time highs on Wednesday," said Jignesh Chaudhary, head of research, Veracity Broking Services.
In the previous session on Wednesday, the 30-share Sensex had ended at its all-time closing high of 27,915.88 after touching an intra-day record high of 28,010.39.
Continued foreign fund inflows on government's reform push amid hopes of a rate cut by the RBI had fuelled the rally.
The CNX 50-share Nifty moved down by 1.30 points, or 0.02%, to finish at 8,337.00. "...sentiments were on the negative side in reaction to the OECD report, which lowered India's GDP growth forecast to 5.4% for this year from 5.7% earlier.
But, the downside also remained limited, tracking continuous FIIs inflow," said Jayant Manglik, president-retail distribution, Religare Securities.
Asian stocks mixed on Friday after reports said European Central Bank president Mario Draghi vowed to take more easing steps to spark growth in the euro zone.
Key benchmark indices in Taiwan, Japan and South Korea rose 0.24% to 0.52% while indices in Hong Kong, China and Singapore fell 0.14 to 0.42%.
European stocks also ended narrowly mixed as investors turned their focus to the US economy before a monthly US job report.
Key benchmark indices in the UK and Germany moved up by 0.15% to 0.67% while France CAC was quoting down by 0.10%.