Free Press Journal

Bulls pause for breath after record run; Nifty down 22 pts



Mumbai: Taking a break from a six-session upsurge during which it touched fresh record highs, the benchmark Nifty today fell moderately after scaling a new peak on the back of profit taking on the National Stock Exchange (NSE) amid caution ahead of US Fed meet outcome.

The bellwether index quietly scaled a fresh record high in early trade before retreating as investor sentiment turned highly cautious, triggering profit booking in recent performers.

Except technology and pharma, all other major sectoral indices ended in the red. The market moved in a narrow range throughout the day that was marked by stock-specific movement.

The 50-share index dropped 22.20 points, or 0.28 per cent, to finish at 7,875.30 after scaling a fresh lifetime peak of 7,922.70 in early trade. The key barometer has gained over 328 points, or 4.35 per cent, in the past six sessions.

Meanwhile, major bourses across Asia ended higher after reversing early losses caution ahead of US Fed meet.

State-run oil explorer ONGC topped the selling list, slipping by 2.57 per cent. Other key laggards included HDFC, ITC, Reliance, Tata Motors, L&T, SBIN, M&M, HDFC Bank, Axis Bank, HUL, UltraTech and Bharti Airtel.

Stocks of state-owned oil marketing companies, too, saw good amount of profit taking after recent sharp gains.

However, healthcare stocks saw huge buying interest with drug major Sun Pharma taking the lead followed by Cipla, Lupin, Dr Reddy’s and Glenmark Pharma. HCL Tech, Wipro, Tata Power, Grasim and NTPC were also among smart movers.

Turnover in the cash segment dropped to Rs 15,456.15 crore from Rs 17,133.86 crore yesterday. A total of 8,251.25 lakh shares changed hands in 69,72,856 trades, while market capitalisation stood at Rs 90,19,234 crore.