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Saturday, July 31, 2021

Markets off record highs, end 4-day winning streak

The 30-share BSE index ended 271.07 points or 0.51 per cent lower at 52,501.98. It had closed at an all-time high of 52,773.05 on Tuesday. The broader NSE Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55.

By: ENS Economic Bureau | New Delhi |
Updated: June 17, 2021 12:21:33 am
bse, bombay stock exchangeBombay Stock Exchange (BSE) in Dalal Street (Express photo by Nirmal Harindran)

Key benchmark indices Sensex and Nifty retreated from record-high levels on Wednesday following intense selling in Reliance and HDFC twins as investors turned cautious ahead of the outcome of the US Federal Reserve’s policy meeting.

The 30-share BSE index ended 271.07 points or 0.51 per cent lower at 52,501.98. It had closed at an all-time high of 52,773.05 on Tuesday. The broader NSE Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55.

PowerGrid was the top laggard in the Sensex pack, shedding around 2 per cent, followed by IndusInd Bank, Reliance, L&T, UltraTech Cement and Bajaj Finance.

On the other hand, Nestle, NTPC, ONGC, Bajaj Finserv Hindustan Unilever and Infosys were among the gainers.

“Indian indices slipped ahead of the Fed policy announcement as global markets turned cautious. Weakening MoM sales data and rising prices in the US are adding concerns to ongoing inflationary trend. But, Fed maintaining an accommodative policy and a calm comment on short-term inflationary pressure can drive the markets ahead,” Vinod Nair, Head of Research at Geojit Financial Services, said.

The broader Nifty declined due to broad-based selling across counters, especially metals and financials stocks. Reliance, Adani Ports and HDFC were among the top contributors to index losses. All sectoral indices closed on a weak note except Nifty IT and FMCG. Benchmark equity indices broke a four-day winning streak and retreated from record highs following weak Asian cues, Deepak Jasani, Head of Retail Research, HDFC Securities,said.

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