Sensex, Nifty fall marginally after hitting new peak

The Uncut

Mumbai. The benchmark index Sensex and Nifty closed with a slight decline on Friday as profit booking dominated in daily use goods companies, IT and health care companies. At one point during trading, the local stock market had reached a new peak. Traders said that investor sentiment was affected by weakness in global equity markets, but the resumption of foreign capital inflows and stability in crude oil prices worked to support the market.

The 30-share BSE index Sensex fell 7.65 points or 0.01 percent to close at 75,410.39 points. During trading, it also rose 218.46 points or 0.28 percent to reach its all-time high of 75,636.50. The National Stock Exchange (NSE) benchmark index Nifty also crossed the 23,000 mark for the first time in early trade. During trading, the Nifty climbed 58.75 points or 0.25 percent to reach its highest peak of 23,026.40. But later under selling pressure, it closed at 22,957.10 points with a slight decline of 10.55 points or 0.05 percent.

Prashant Tapase, Senior Vice President (Research) at Mehta Equities Limited, said, “The market closed stable in volatile trading as investors preferred to stay on the sidelines in view of weak global cues. Being the last trading day of this week, investors also seemed a little cautious.” This week, the BSE Sensex jumped a total of 1,404.45 points or 1.89 percent while the NSE Nifty climbed 455.1 percent or two percent.

The total market capitalization of companies listed on BSE reached $5.05 trillion or Rs 419.99 lakh crore. Whereas the market capitalization of companies listed on NSE reached $5.01 trillion or Rs 416 lakh crore. Dheeraj Reilly, Managing Director and Chief Executive Officer of HDFC Securities said, “Investors making their stance clear before the election results also helped Nifty to reach this point.” The election results will be announced on June 4.

Among the Sensex companies, Tech Mahindra, Asian Paints, Tata Consultancy Services, Mahindra & Mahindra, Titan, JSW Steel and ITC were the major losers. On the other hand, HDFC Bank, Bharti Airtel, Larsen & Toubro, NTPC, Axis Bank and UltraTech Cement were the gainers.

Meanwhile, it has been announced that Adani Ports and SEZ will replace Wipro in the Sensex list from June 24. The BSE Smallcap index fell 0.20 percent while the Midcap index gained 0.23 percent. Foreign institutional investors (FIIs) once again became buyers on Thursday after several days of selling. According to stock market data, foreign investors bought equities worth Rs 4,670.95 crore on Thursday.

In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with a decline. Most of the European markets were trading with a decline. US markets closed with losses on Thursday. Global oil benchmark Brent crude fell 0.73 percent to US $ 80.77 per barrel. On Thursday, both Sensex and Nifty closed at their highest level ever with a jump of more than 1.6 percent.

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