Domestic stock markets gave up early gains tracking losses in Asian peers where equities receded from 18-month highs. The S&P BSE Sensex index declined as much as 257.06 points from the session’s highest mark to hit 41,457.67 on the downside. The broader NSE Nifty benchmark dropped to as low as 12,213.80 after coming within 7.45 points of its all-time high of 12,293.90 in the first half of the session. Losses in financial and energy shares offset gains in automobile, consumer goods and pharmaceutical stocks.
The Nifty index came with eight points of its all-time high of 12,293.90 clocked this month. The Sensex, however, was still 95.23 points away from its all-time high. (Also read: Sensex, Nifty On Course To Post Biggest Annual Gain In 2 Years)
At 9:17 am, the Sensex traded 68.61 points – or 0.17 per cent – higher at 41,643.75 while the Nifty was up 23.85 points – or 0.19 per cent – at 12,269.65.
Twenty nine stocks on the 50-scrip benchmark index traded higher at the time. Adani Ports, Sun Pharma, ITC, Bharti Airtel and Bharti Infratel – trading between 0.61 per cent and 1.50 per cent higher – were the top gainers on the Nifty at the time.
On the other hand, top percentage laggards were Zee Entertainment, Yes Bank, Coal India, Dr Reddy’s and Bharat Petroleum, down between 0.44 per cent and 0.95 per cent.
HDFC Bank and ITC were the top contributors to the gain in Sensex, together accounting for more than 50-point rise in the index.
The Nifty Bank – which comprises shares in 12 major lenders of the country – hit an all-time high of 32,549.50, surpassing an earlier intra-day record of 32,502.8 registered last Monday.
Market breadth was sharply positive, with 702 stocks trading higher and 289 moving lower on the BSE. On the NSE, 934 stocks advanced in early deals while 571 declined.
Equities in other Asian markets fell as investors consolidated gains after scaling 18-month highs last week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.09 per cent, after touching its highest level since June 19, 2018 on Friday, lifted by investor hopes that a US-China trade deal would be signed soon. Japan’s Nikkei stock index slid 0.51 per cent.
On Friday, the Sensex had ended 411.38 points – or 1.00 per cent – higher at 41,575.14 and the Nifty settled at 12,245.80, up 119.25 points – or 0.98 per cent – from the previous close.
Source: NDTV Profit