After hitting new peak, Sensex, Nifty suffer marginal losses

The Uncut


Mumbai. The local stock market was bullish during trading on Tuesday and both the benchmark indices…BSE Sensex and NSE Nifty… reached new peaks but later closed with a slight decline due to profit booking. The market was in slight loss due to profit booking in the shares of select banks and telecom companies amid concerns over high share prices.

In a volatile trade, the 30-share BSE Sensex closed at 79,441.45 points, down 34.74 points or 0.04 percent. At one point during the trade, it had risen 379.68 points or 0.47 percent to a record 79,855.87 points.

The National Stock Exchange’s Nifty also closed at 24,123.85 points with a fall of 18.10 points or 0.07 percent. At one point during trading, it had reached an all-time high of 24,236.35 points with a rise of 94.4 points or 0.39 percent.
Among the Sensex stocks, Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Tata Motors, ICICI Bank, Bajaj Finance, State Bank of India and Titan were the major losers. On the other hand, the gainers were Larsen & Toubro, Infosys, HDFC Bank, Tata Consultancy Services, HCL Technologies and Tata Steel.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The market declined slightly amid mixed global sentiment. The global sentiment was mixed with a cautious stance on the ECB (European Central Bank)’s policy rate cut. The recent rise in US bond yields and the gradual increase in crude oil prices are affecting the market sentiment.” Nair said that investors are keeping an eye on the monsoon, the upcoming budget as well as the US elections. All this can have an economic impact globally.

Prashant Tapase, Senior Vice President (Research), Mehta Equities Ltd. said, “With new hope, the market reached a new peak in early trade but could not maintain it and came in loss. With weak trend in Europe … there was profit booking in bank, telecom and auto stocks.” The BSE Midcap index, representing the shares of mid-sized companies, fell by 0.57 percent while the Smallcap index related to small companies rose marginally by 0.07 percent. Sources said on Monday that the country’s gross GST (Goods and Services Tax) collection increased by eight percent to Rs 1.74 lakh crore in June.

In other Asian markets, Japan’s Nikkei, China’s Shanghai Composite Index and Hong Kong’s Hang Seng were in profit while South Korea’s Kospi was in loss. Major European markets declined in early trade. US markets were in profit on Monday. Global oil benchmark Brent crude rose 0.66 percent to $ 87.17 per barrel.

According to stock market data, foreign institutional investors sold shares worth Rs 426.03 crore on Monday. The BSE Sensex closed at its highest level of 79,476.19 points on Monday with a gain of 443.46 points and the NSE Nifty closed at a new peak of 24,141.95 points with a gain of 131.35 points.

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