Nifty closes at 11,737.05 points down, Sensex remains unchanged at 38,897.17 points

The NSE Nifty was down 0.01 percent at 11,737.05, while the benchmark BSE Sensex was unchanged at 38,897.17 during the closing of the markets. Indian stock indexes were muted on Wednesday, following record-setting gains in the previous two sessions, as losses in IT stocks offset an advance in energy and materials shares.
 
The rupee on Wednesday touched a record low of 70.4675 to the dollar, tracking weakness in Asian peers along with strong month-end dollar demand back home.
 
The NSE Nifty has been setting successive record highs for the past two months, while the BSE Sensex has been Asia`s top performer this year even when accounting for the rupee`s decline.
 
"The correction is nowhere close to a concern in terms of the long-term growth story. Minor corrections should not be viewed as anything serious or a reversal," Gaurang Shah, head investment strategist, Geojit Financial Services, told Reuters.
 
Among materials stocks, copper and aluminium producer Vedanta Ltd rose 3.13 percent to its highest since July 2, while agrochemicals company UPL Ltd gained 3.11 percent to reach its highest in more than two months.
 
IT services companies Infosys Ltd and Tata Consultancy Services Ltd fell between 0.38 and 0.68 percent, while HCL Technologies Ltd dropped 1.1 percent. JSW Steel Ltd jumped as much as 3.6 percent to a record high after it was set to replace drugmaker Lupin Ltd in the NSE Nifty.

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Kitchen appliance maker TTK Prestige Ltd climbed as much as 7 percent after brokerage CLSA raised its price target on the stock.
 
State-owned National Aluminium Co Ltd hit its highest level in about three months as HSBC initiated coverage with a "buy" rating.
 
The benchmark BSE Sensex today opened with a new life-time high of 38,989.65. The 30-share index rose by 93.02 points, or 0.23 per cent, to hit a new high of 38,989.65, bettering its previous intra-day record of 38,938.91 hit on Tuesday.