The Sensex's four days of record
today gave way to its first drop in seven sessions, with
investors in metal and IT stocks burning their fingers.
The Nifty also came down from record, but managed to
close above 10,300.
Participants are not lowering their guard yet as they
keep their focus clearly on quarterly earnings and outcome of
the US Federal Reserve's two-day policy meeting.
US President Donald Trump is expected to announce his
decision on the next Fed chair soon, which explains the state
of cautiousness among investors.
The 30-share Sensex, after opening lower, slipped
further. But buying in selective counters made it settle at
33,213.13, down 53.03 points, or 0.16 per cent.
The index had closed at a life high of 33,266.16
yesterday. It had risen 876.19 points in the past six
The Nifty too closed lower 28.35 points, or 0.27 per
cent, at 10,335.30. It had ended at a fresh peak of 10,363.65
"Profit booking persisted near the record high levels and
the domestic indices remained volatile within a narrow range
ahead of the FOMC meeting starting today. A mixed bag of
corporate earnings and rise in VIX over the last two days
seems to have weighed down investors' confidence," said Anand
James, Chief Market Strategist, Geojit Financial Services Ltd.
Infosys was in a pool of red, tumbling the most by 2.43
per cent to Rs 921.65.
Dr Reddy's fell 0.07 per cent to Rs 2,431.40 after the
company today posted a marginal decline in consolidated net
profit for the second quarter.
Weakness in other heavyweights like M&M, Tata Steel, SBI,
Tata Motors and L&T also played a role.
In contrast, private lender Axis Bank topped the gainers
list surging 8 per cent, to Rs 523.05 on speculative buying.
ONGC, Bharti Airtel, Hero MotoCorp, Wipro and ITC also
rose and limited the fall.
Meanwhile, foreign portfolio investors (FPIs) sold shares
worth a net Rs 186.04 crore while domestic institutional
investors (DIIs) picked up equities worth a net Rs 139.68
crore yesterday, as per provisional data.
The BSE metal index was the weakest of the lost, dropping
1.76 per cent, followed by IT and PSU.
Outperforming overall trends, the broader markets
continued their upward march on continuous buying by
investors, lifting the small-cap index by 0.46 per cent and
mid-cap by 0.14 per cent.
European stocks after some initial hesitation were
trading higher. Asia was mixed at the close. Japan's Nikkei
ended almost flat.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.