Nifty, Sensex close lower on profit booking, NTPC, Kotak Mahindra Bank, SBI major gainers
Mumbai: Stocks took a break after four back to back record-setting sessions as the benchmark Sensex today hit an all-time high, only to lose its way to end with a paltry loss. The broader Nifty retreated after breaching the 9,900- mark for first time ever.
But on a weekly basis, both key indices Sensex and Nifty rose significantly by 660.12 points, or 2.10%, and 220.55 points, or 2.28%, respectively, mainly driven by the successful rollout of the Goods and Services Tax (GST) and CPI and WPI inflation staying soft, giving the RBI more headroom to snip policy rate at its policy meet next month.
This is the biggest weekly gain for the indices since mid-March. The Sensex closed at 32,020.75, down 16.63 points, or 0.05%. The index scaled 32,109.75 today to breach its previous all-time intra-day high of 32,091.52 hit yesterday.
The NSE Nifty index finished lower by 5.35 points, or 0.05%, to close at 9,886.35. Intra-day, it went past the 9,900-mark to hit a fresh lifetime high of 9,913.30, crossing its previous record 9,897.25 yesterday.
The Nifty has rallied 225.90 points, or 2.33%, in four straight days of gains. Nervousness played on investors’ minds following muted earnings by the country’s largest software exporter TCS yesterday as they took profit in recent blue-chip gainers.
“The quarterly earnings growth may not match the current premium valuation due to a tepid start of the result season while investors giving more weight to the prevailing positive macros will help maintain a positive vibe in the market,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Initial gains dried up following emergence of profit- booking at record levels. Domestic institutional investors (DIIs) bought shares worth a net Rs 279.13 crore while foreign portfolio investors (FPIs) sold worth a net Rs 59.15 crore yesterday, provisional data showed.
Software services exporter Infosys fell 0.44% even as the company today reported 1.3% growth in consolidated net profit for the June quarter.
Tata Consultancy Services, the top software exporter, however, fell the most by 1.85% after the company yesterday reported a 5.9% decline in its net profit. Wipro, Tata Motors, Coal India and Tata Steel were the big losers, declining by up to 1.97%.
Globally, most Asian stocks ended higher and European shares were mixed in their early deals following another record closing in the US markets on Thursday.
Federal Reserve chief Janet Yellen had indicated a softer approach to raising US interest rates in her Congress testimony. Back home, the BSE IT index suffered the most by falling 0.95%, followed by technology, realty and capital goods. The broader markets remained mixed.
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