E-Paper
India’s Sensex edges lower from record high in volatile session
The S&P BSE Sensex slipped 0.1% at the close, after swinging between intraday gains and losses. NSE Nifty 50 Index was little changed, as about two shares rose for each one that fell. Both measures yesterday closed at new peaks.
India’s equity benchmark edged lower from yesterday’s record high as investors assessed the outlook for further gains.
The S&P BSE Sensex slipped 0.1% at the close, after swinging between intraday gains and losses. NSE Nifty 50 Index was little changed, as about two shares rose for each one that fell. Both measures yesterday closed at new peaks.
“We are advising clients to buy on declines as low interest rates and ample global liquidity will continue to support the market,” said Ravi Singhal, a strategist at Jaipur-based GCL Securities Ltd. “The higher levels will prompt some investors to book profits.”
Foreign net equity purchases of $16.11 billion this year through Nov. 27 are already the most since 2014 as funds have poured in chasing returns. The relative strength index on both the Sensex and Nifty is around 70, a level that some traders read as a signal that they’re overbought.
The rupee weakened 0.2% to 73.8025 per U.S. dollar, while the yield on 10-year government bonds fell one basis point to 5.92%.
