Stocks dip after Sensex, Nifty hit lifetime highs
Mumbai, Nov 18 (PTI) Emergence of profit-booking today snapped a two-session upmove as benchmark Sensex, after logging lifetime high of 28,282.85, dipped by nearly 15 points to end at 28,163.29 as investors were seen taking a breather after the record-breaking run.
Fall in key counters including HDFC, TCS, Infosys, Sun Pharma, ONGC, Tata Motors, Hindalco and HUL mainly weighed on the market sentiment. However, HDFC Bank, L&T, Sesa Sterlite, Bharti Airtel, Tata Steel and BHEL cushioned the fall.
The 30-share BSE Sensex resumed better and touched new intra-trade peak of 28,282.85 but fell back to end at 28,163.29, a fall of 14.59 points or 0.05 per cent. In last two sessions, Sensex had risen by 237.24 points or 0.85 per cent and closed at back-to-back new peaks.
“Profit booking at current levels and mixed expectations about probable curbs on gold import kept the stocks markets volatile throughout the day,” said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio.
The broad-based 50-issue CNX Nifty of the NSE also eased by 4.85 points, or 0.06 per cent, to end at 8,425.90. Intra-day, it registered all time intra-day high of 8,454.50.
While sustained inflows continue to drive investor sentiment as FPIs/FIIs bought shares worth Rs 656.37 crore yesterday, traders said there is sense of fatigue setting in.
“Lack of cues from the domestic and global front kept the participants on the sidelines and triggered profit taking in selective pivots,” said Jayant Manglik, President-retail distribution, Religare Securities.
Asian markets closed mixed today. Key benchmark indices in China, Hong Kong and Taiwan closed lower while from Japan, Singapore and South Korea finished higher.
However, European stocks were trading better in late morning deals. The CAC was up by 0.41 per cent, the DAX by 0.74 per cent and the FTSE by 0.34 per cent.