scorecardresearch
Follow Us:
Sunday, September 26, 2021

Sensex slips from record highs on profit-booking; bank stocks tumble

Kotak Bank was the top loser in the Sensex pack, shedding 2.09 per cent, followed by ICICI Bank, PowerGrid, IndusInd Bank, HDFC, Axis Bank and Maruti.

By: PTI | Mumbai |
Updated: August 18, 2021 5:26:01 pm
Sensex, Mumbai, BusinessThe market breadth was negative, with 20 out of the 30 Sensex stocks closing lower. (File Photo)

The BSE Sensex scaled the 56,000-mark for the first time on Wednesday but finished in the red following a late sell-off as investors pocketed gains in banking, finance and IT stocks.

Snapping its four-session record-setting spree, the the 30-share benchmark closed 162.78 points or 0.29 per cent lower at 55,629.49. It touched its all-time peak of 56,118.57 during the session.

Similarly, breaking its seven-day winning streak, the broader NSE Nifty declined 45.75 points or 0.28 per cent to 16,568.85. It touched a record intra-day peak of 16,701.85.

Kotak Bank was the top loser in the Sensex pack, shedding 2.09 per cent, followed by ICICI Bank, PowerGrid, IndusInd Bank, HDFC, Axis Bank and Maruti.

On the other hand, UltraTech Cement, Bajaj Finance, Bajaj Finserv, Nestle India and Bajaj Auto were among the gainers, advancing up to 2.46 per cent.

The market breadth was negative, with 20 out of the 30 Sensex stocks closing lower.

“Succumbing to profit-booking, Indian market gave away its gains. Bleeding banking, realty and metal stocks dragged while midcaps provided some relief but the broad trend was weak. European markets traded cautiously as Eurozone inflation accelerated to 2.2 per cent in July, beating ECB estimates of 2 per cent owing to a spike in energy prices. The markets are awaiting the US Fed meeting minutes to provide some direction on future policy, which is expected to showcase its current accommodative policy in-line with the latest policy statement,” said Vinod Nair, Head of Research at Geojit Financial Services.

Domestic benchmark indices, after witnessing record highs, gave up all gains as selling pressure in heavyweight financials especially private banks dragged the market, said Binod Modi, Head – Strategy at Reliance Securities.

Heavyweight HDFC Bank witnessed brisk rebound after RBI allowed the bank to issue fresh credit cards, but closed modestly lower due to profit-booking.

In addition to financials, metals, auto and realty stocks also remained under pressure, he noted.

Sectorally, BSE bankex, metal, finance, IT and industrials indices fell up to 0.96 per cent, while energy, FMCG, oil and gas and power notched up gains.

Broader BSE midcap index rose 0.26 per cent, while the smallcap gauge slipped 0.18 per cent.

Markets will be closed on Thursday on account of ‘Muharram’.

Global markets were largely steady ahead of the release of the US Federal Reserve meeting minutes. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

However, equities in Europe were in the negative territory in mid-session trade.

Meanwhile, international oil benchmark Brent crude rose 0.90 per cent to USD 69.65 per barrel.

The rupee appreciated by 11 paise to close at 74.24 against the US dollar on Wednesday, tracking weaker American currency against key rivals overseas.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 343.73 crore, according to exchange data.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement