Mumbai: Benchmark Sensex slipped from life highs to end marginally lower at 31,145.80 on Wednesday as markets took a breather after four consecutive record-setting sessions. The broader Nifty also settled 3.30 points, or 0.03% down at 9,621.25.
Participants were on a wait-and-watch mode ahead of the GDP numbers for the January-March quarter. The Sensex, which had gained 857.76 points in the previous four sessions, moved in a narrow 148-point band today and closed at 31,145.80, down 13.60 points or 0.04%.
The index scaled 31,255.28 to breach its previous all- time intra-day high of 31,220.38 hit yesterday. The 50-share Nifty remained in the positive terrain for the major part of the session and touched a new peak of 9,649.60, breaking its previous record of 9,637.75 hit on 29 May.
However, it succumbed to profit-booking towards the close and settled 3.30 points, or 0.03% lower at 9,621.25. Traders said markets were in an “over-bought” position after moving sharply up in the past few sessions, spurred by robust quarterly results of some bluechips and early arrival of monsoons.
“Profit booking at record high pulled the market to end flat. DIIs continued their buying spree with positive sentiment on good monsoon while FIIs gradually started to sell with a caution on valuation. “Investors will closely watch Q4 FY17 GDP data today, consensus showing 7.1% growth supported by re- monetisation. Improving fundamentals will provide grip to every consolidation,” said Vinod Nair, Head of Research, Geojit Financial Services.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 366.97 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 217.10 crore yesterday, as per provisional data. In other Asian markets, Shanghai Composite Index rose 0.23%, while Hong Kong’s Hang Seng shed 0.16%. Japan’s Nikkei too shed 0.14%. In Europe, Germany’s Frankfurt DAX was up 0.01%, while Paris 30 shed 0.17% in early trades. London’s FTSE rose 0.30%.
Among the 30 Sensex constituents, Infosys suffered the most by falling 1.96%, followed by Coal India (1.42%), Sun Pharma (1.36%), RIL (1.34%), Tata Steel (1.14%), Tata Motors (1.09%), NTPC (0.77%), HDFC Ltd (0.73%), ONGC (0.73%), Asian Paints (0.51%), L&T (0.40%), HUL (0.36%), Bajaj Auto (0.34%) and TCS (0.29%).
Mahindra and Mahindra emerged as the biggest gainer in the Sensex pack by climbing 3.99% after the company yesterday reported a 19.93% increase in standalone profit after tax (PAT) for the fourth quarter ended March.
Other gainers were Lupin, GAIL, PowerGrid, ICICI Bank, Dr Reddy’s, Maruti Suzuki, Cipla, Bharti Airtel, ITC, HDFC Bank, Wipro, Axis Bank and Hero MotoCorp, rising up to 2.75%. Sectorally, the BSE metal index dropped 1.43%, followed by IT (0.77%) and teck (0.65%).
However, realty rose 0.97%, consumer durables 0.78%, auto 0.69%, bank 0.55% and power 0.53%. Outshining the Sensex, the broader markets continued their upward journey as investors widened their positions, lifting the small-cap index by 1.05% and mid-cap index by 0.94%.
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