The benchmark BSE index Sensex ended lower by over 50 points due to heavy selling in metal, IT, TECk and healthcare stocks amid positive global cues. However, realty, capital goods, bank and infrastructure stocks remained investors' favourite.

Domestic sentiment was hit as investors turned cautious ahead of quarterly earnings from heavyweight Reliance Industries Ltd.

The 30-share BSE index Sensex ended lower by 50.95 points or 0.16 per cent at 31,904.40 and the 50-share NSE index Nifty closed down 26.3 points or 0.27 per cent at 9,873.30.

Among BSE sectoral indices, metal index fell the most by 0.96 per cent, followed by IT 0.82 per cent, TECk 0.69 per cent and healthcare 0.69 per cent. On the other hand, realty index was up 0.47 per cent, capital goods 0.22 per cent, banking 0.19 per cent and infrastructure 0.07 per cent.

Top five Sensex gainers were Axis Bank (+3.87%), ONGC (+1.75%), HDFC Bank (+0.92%), M&M (+0.67%) and Cipla (+0.61%), while the major losers were Tata Steel (-2.64%), Kotak Bank (-1.44%), NTPC (-1.22%), Infosys (-1.11%) and Sun Pharma (-1.05%).

Quarterly results

Analysts said quarterly results were likely to remain the main driver of the market in the weeks ahead, at a time when strong gains have raised concerns about valuations.

Wipro Ltd and Reliance Industries Ltd are among the companies expected to announce results later in the day, with shares in each up as much as 1 per cent.

“What we see is caution in the market for the near term because of high valuations and as expectations from first-quarter earnings are muted,” said Vinod Nair, head of research at Geojit Financial Services.

Early trade

The benchmark Sensex took control of the key 32,000-mark and the NSE Nifty crossed the 9,900-level due to unabated inflow of foreign funds and persistent buying by retail investors, buoyed by better-than-expected earnings by some blue—chip companies.

Also, positive cues from other Asian markets on fresh record closing in the US market owing to strong earnings and higher oil prices boosted the domestic sentiment.

The 30-share BSE index reclaimed the psychological 32,000-mark as it traded up 101.77 points or 0.31 per cent at 32,057.12. FMCG, bank, realty, power and auto were at the forefront. The gauge had rallied 244.36 points in the previous session.

Similarly, the 50-share NSE index Nifty spurted 22.95 points or 0.23 per cent to 9,922.55.

FII buying

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,046.65 crore yesterday, as per provisional data.

Stocks of ONGC emerged as the top gainer by climbing 1.75 per cent after the Cabinet had yesterday approved sale of the government’s stake in Hindustan Petroleum Corp Ltd (HPCL) to India’s largest oil producer ONGC.

Asian shares

Asian shares scaled a near-decade peak on Thursday, bolstered by a surge in global stocks to new records on strong US corporate earnings, while the yen eased slightly after the Bank of Japan reinforced expectations it will lag other central banks in dialling back stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15 per cent, hovering near its highest level since December 2007. Australian stocks rose 0.6 per cent and South Korea's KOSPI was up 0.1 per cent.