Market benchmark BSE Sensex retreated from record levels to end almost flat at 37,665.80 points today due to profit booking in banking and energy stocks after a recent rally.
The broader NSE Nifty, however, extended its record run for a third straight session and closed at a fresh record high of 11,389.45, showing marginal gain of 2.35 points or 0.02 per cent. Intra-day, it hit a new high of 11,428.95 and a low of 11,359.70.
Stock markets were volatile today even as global markets posted gains on encouraging corporate results and gains in oil stocks.
The Sensex opened higher and rallied to a fresh life-time high of 37,876.87 in early trade. However, it succumbed to profit booking, before finally ending at 37,665.80 points, down by 26.09 points, or 0.07 per cent.
The Sensex swung about 300 points on alternate bouts of buying and selling during the volatile session.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
Vinod Nair, Head of Research, Geojit Financial Services Ltd said, “Market was range bound after touching a new high. Global cues were positive despite concerns of trade tensions. Back home, PSU banks slid on account of profit booking after two consecutive days of rally.
“Earnings were largely in line with market expectation while positive guidance for sectors like consumer durables, pharma & select large caps will enthuse the market to have a positive momentum.”
Adani Ports was the top loser in the Sensex pack, falling by 6.49 per cent after the company reported 9 per cent decline in consolidated profit for the June quarter.
Index major Reliance Industries declined 0.67 per cent on profit booking after a two-day rally, dragging the index down to nearly flat.
Banking major SBI dropped 1.47 per cent, ICICI Bank by 0.62 per cent, and Axis Bank by 0.75 per cent after a recent rally.
Coal India fell by 2.63 per cent, ONGC 1.24 per cent, Sun Pharma 1.13 per cent, Tata Motors 1.12 per cent, Bharti Airtel 1.04 per cent, M&M 0.72 per cent, TCS 0.42 per cent, HDFC 0.18 per cent, ITC 0.18 per cent, Bajaj Auto 0.16 per cent and Power Grid by 0.13 per cent.
However, Tata Steel was the top gainer in the Sensex kitty, surging 3.61 per cent, followed by Asian Paints 1.63 per cent, NTPC 1.31 per cent and Vedanta 1.25 per cent.
Maruti Suzuki gained 1.18 per cent, Yes Bank 1.05 per cent, HDFC Bank 0.80 per cent, Infosys 0.63 per cent, L&T 0.34 per cent, HUL 0.26 per cent, Wipro 0.22 per cent, IndusInd Bank 0.22 per cent, Hero Motocorp 0.15 and Kotak Bank 0.09 per cent.
Sector wise, the BSE PSU index lost the most by falling 1.08 per cent, followed by oil & gas 1.02 per cent, energy 0.88 per cent, infrastructure 0.87 per cent, telecom 0.72 per cent, realty 0.51 per cent, healthcare 0.43 per cent, bankex 0.26 per cent, FMCG 0.20 per cent, capital goods 0.18 per cent and power 0.12 per cent.
In line with overall trend, the S&P BSE Small-Cap index shed 0.22 per cent while the mid-cap index inched down 0.18 per cent.
While metal index top the gainers list, by surging 1.27 per cent after copper prices rose in global commodity markets.
NMDC was up 6.24 per cent, Jindal Steel & Power 3.45 per cent, Steel Authority of India 1.86 per cent, Hindalco Industries 1.32 per cent, Vedanta 1.25 per cent and JSW Steel 1.08 per cent.
Other sectoral indices such as consumer durables, auto, teck and IT also managed to close in the green, rising up to 1.25 per cent.
The market breadth turned negative as 1,471 stocks closed in red while 1,255 stocks finished in green and 149 ruled steady.
However, Asian markets advanced following gains in oil stocks after US President Donald Trump re-imposed sanctions on oil producer Iran. China’s Shanghai Composite Index climbed 2.74 per cent, Japan’s Nikkei rose 0.69 per cent and Hong Kong’s Hang Seng moved up 1.54 per cent.
European stocks were trading higher today, as investors monitored global trade tensions and the latest batch of corporate earnings.
In the Eurozone, Frankfurt’s DAX rose 0.76 per cent and Paris CAC gained 0.73 per cent in their late morning deals. London’s FTSE too gained 0.80 per cent.