Markets Slip From Record Highs on Profit-Booking, Global Risks; Log 3rd Weekly Gains
Equity indices eased from lifetime highs today as bulls took a breather after a string of record-setting sessions, while a rout in the Turkish lira reverberated through global markets, denting risk appetite.
Profit-booking in recent gainers coupled with disappointing results from SBI also took a toll on trading sentiment, brokers said.
The 30-share Sensex, after opening a shade higher at 38,050.07, quickly slipped below the 38,000-mark. It finally finished at 37,869.23 -- down 155.14 points, or 0.41 per cent.
However, both the key indices finished with gains for the third week in a row.
Meanwhile, domestic institutional investors (DIIs) sold shares worth a net Rs 85.39 crore, while foreign portfolio investors (FPIs) bought equities worth Rs 370.68 crore yesterday, provisional data showed.
"Bulls are taking a breather after consecutive days of rally as investors used this opportunity to book their profits due to weak global cues.
"Positive expectation on domestic IIP data and rise in FII inflow will add cues for market direction. Investors are also keen on upcoming CPI and WPI inflation data in the context of volatility in rupee and oil price. PSU banks sank on concerns of increasing provisions," said Vinod Nair, Head of Research, Geojit Financial Services.
Other Sensex laggards included Sun Pharma 3 per cent. Vedanta 2.97 per cent. Tata Motors 2.82 per cent. Power Grid 1.82 per cent. L&T 1.67 per cent. Tata Steel 1.63 per cent. Coal India 1.48 per cent. ICICI Bank 1.44 per cent. Reliance Industries 1.15 per cent and Bajaj Auto 1.11 per cent.
Sector-wise, the BSE metal index was the weakest of the lot, dropping 2.01 per cent. followed by PSU 1.36 per cent. capital goods 1.18 per cent. infrastructure 1.08 per cent. healthcare 1.04 per cent. power 0.99 per cent. bankex 0.80 per cent. oil and gas 0.25 per cent and realty 0.15 per cent.
Shares of Jet Airways plunged 8.39 per cent after the company deferred announcing the June quarter numbers.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)