India News | Stock Markets Take Breather After Record-breaking Run on Selling in IT, Oil Shares
Get latest articles and stories on India at LatestLY. Snapping its record-breaking rally, benchmark BSE Sensex closed marginally down on Tuesday due to profit-taking in metal, oil and IT shares amid weak global trends.
Mumbai, Sep 3 (PTI) Snapping its record-breaking rally, benchmark BSE Sensex closed marginally down on Tuesday due to profit-taking in metal, oil and IT shares amid weak global trends.
Halting its 10-day winning run, the 30-share BSE Sensex slipped 4.40 points or 0.01 per cent to settle at 82,555.44 in a range-bound trade. During the day, it dropped 159.08 points or 0.19 per cent to 82,400.76.
Broader 50-issue Nifty of NSE eked out gains of 1.15 points to close at a fresh peak of 25,279.85, taking its gaining streak to a record 14 days.
In the 10-day rally, Sensex spurted 2,135 points or 2.61 per cent. Nifty has surged nearly 1,141 points or 4.59 per cent in 14 straight days.
Among the 30 Sensex firms, Bajaj Finance, Infosys, Adani Ports, JSW Steel, HCL Tech, Bharti Airtel, IndusInd Bank and Tata Motors were the biggest laggards.
ICICI Bank, Bajaj Finserv, Titan, Nestle and HDFC Bank were among the gainers.
"Amid mixed global signals and the absence of significant new catalysts, aside from the anticipated Fed rate cut, which is already factored in, the domestic market took a breather. Mild caution emerged due to a recent slowdown in manufacturing activities, which indicates a slowdown in demand," said Vinod Nair, Head of Research, Geojit Financial Services.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were quoting in the negative territory. The US markets were closed on Monday for the Labour Day holiday.
"Markets ended flat in a lacklustre trading session as investors exercised caution on the back of weak Asian and European cues. Also the markets have been hitting new highs in the recent upsurge and hence investors are a bit sceptical about taking further bullish bets," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In the broader market, the BSE smallcap gauge climbed 0.54 per cent and midcap index went up by 0.19 per cent.
Among the indices, utilities declined 0.77 per cent, oil & gas (0.69 per cent), realty (0.53 per cent), teck (0.51 per cent) and IT (0.31 per cent).
Financial Services, healthcare, industrials, bankex, consumer durables and services were the winners.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,735.46 crore on Monday, according to exchange data.
Global oil benchmark Brent crude declined 1.79 per cent to USD 76.13 a barrel.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)