Sensex, Nifty retreat from record highs; bank stocks rally
Key benchmark indices Sensex and
Nifty were trading higher by up to 1 per cent in late morning
trade, pulling back from their life-time highs, as select
banking, IT, auto and pharma stocks gained.
The government yesterday announced various measures to
spur economy, including PSU banks' Rs 2.11 lakh crore
capitalisation plan and Rs 6.92 lakh crore massive road
building programme, which boosted the market sentiment.
Firmness in Asian stocks also supported gains on the
While, continued selling were seen in telecom, consumer
durables, metal and realty stocks.
The 30-share Sensex resumed higher at 32,995.28 and
soared to its intra-day life time high of 33,117.33 as banking
The index retreated to a low of 32,804.60 in late morning
due to profit booking but strong gains in SBI, ICICI, L&T and
a recovery in IT major Infosys helped it trade higher by 324
points 0.99 per cent at 32,931.55 at 1140hrs.
While, the NSE 50-share Nifty was also trading up by
61.15 or 0.60 per cent to 10,268.85.
However, side counters were sluggish the S&P BSE
Mid-Cap index was up 0.17 pct and the S&P BSE Small-Cap index
up 0.05 pct. Both the indices underperformed the Sensex.
Major gainers were, SBIN by 19.65 pct, ICICI Bank 8.74
pct, Larsen 5.14 pct, AxiS Bank 2.49 pct, Infosys 1.27 pct and
Powergrid 1.05 per cent.
However, Kotak Bank fell 3.25 pct, HDFC Bank 3.22 pct,
HDFC 2.77 pct, BhartiAirtel 1.00 pct and Lupin 0.95 pct.
Foreign portfolio investors (FPIs) sold shares worth a
net Rs 1306.76 crore yesterday, as per provisional data
released by the stock exchanges.
Domestic institutional investors bought shares worth a
net Rs 592.28 crore, as per provisional data.
Globally, Asian stocks rose following the overnight
gains on Wall Street as upbeat corporate earnings results and
optimism about global economic growth boosted investor
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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