High-flying stocks catch breath, Sensex, Nifty off record

PTI Feeds
High-flying stocks catch breath, Sensex, Nifty off record

Mumbai, Apr 27 (PTI) Stocks took a breather today after

three days of a dizzying rally as both the Sensex and the

Nifty came down from life highs owing to rush among investors

to take profit, sobered by caution in global markets.

Expiry of April derivatives contracts got under way,

making participants hold back their bets. Global pointers

remained subdued as the long-awaited tax plan unveiled by US

President Donald Trump did not move investors.

“Market traded range bound on the expiry day, while

global market remained weak due to lack of clarity in US

president s corporate tax proposals which influenced investors

to take out some profit,” said Vinod Nair, Head of Research,

Geojit Financial Services.

The Sensex scaled a new peak of 30,184.22 intra-day,

driven by abundant liquidity. But subsequently, investors

chose to book gains as the benchmark closed at 30,029.74, down

103.61 points, or 0.34 per cent.

Yesterday, the 30-share blue-chip index had hit its

all-time closing high of 30,133.35 and gained 768.05 points in

the previous three sessions.

Likewise, the 50-stock NSE barometer Nifty finished 9.70

points, or 0.10 per cent, down at 9,342.15 after hitting yet

another new high of 9,367.15 (intra-day).

It had gained 232.45 points in the past three days.

Sectors like metal, FMCG, healthcare and auto saw fresh

spell of selling. Realty, IT, oil and gas continued to

witness buying on encouraging quarterly earnings.

Traders said the market is in an “over-bought” position.

Lupin, ITC Ltd, Tata Steel, SBI, HDFC, Bajaj auto, ICICI

Bank and M&M succumbed to profit booking.

The country’s largest carmaker Maruti Suzuki fell

marginally after it announced its earnings numbers today.

Axis Bank plunged 2.19 per cent after the company

reported 43 per cent drop in net profit for the fourth

quarter.

A total of 20 scrips out of the 30-share Sensex pack

ended lower, 9 went up and 1 was unchanged.

The broader markets displayed a mixed trend.

Foreign capital outflow also affected sentiment as FIIs

net sold Rs 492.52 crore yesterday, as per provisional data.

Asia too threw up a mixed picture.

European markets were trading lower as investors weighed

in on the latest round of inflation data and earnings reports.

This is published unedited from the PTI feed.