Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
Benchmark indices Sensex and Nifty closed at life-time high levels today after robust buying in metal, realty and capital goods stocks on the back of encouraging earnings.
The BSE Sensex continued its record setting spree for a second day as it gained 106.50 points to close at fresh peak of 36,825.10. The 30-share index also bettered its record trading high at 36,902.06 points in day trade. It had hit its previous record intra-day high of 36,749.69 yesterday.
The broader NSE Nifty also finished at fresh record high of 11,134.30, up 49.55 points or 0.45 per cent, as 32 of its 50 scrips gained. The 50-issue index surpassed its previous record closing of 11,130.40 hit on January 29.
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Sustained FII inflows and fresh spell of buying by domestic institutional investors supported the stocks at record levels.
Besides, encouraging first quarter earnings by some more companies and firming trend in global markets too bolstered trading sentiments, brokers said.
Major gainers include L&T, Asian Paints, Vedanta, Tata Steel, Coal India, Infosys, M&M, Adani Ports, Maruti Suzuki, Axis Bank, HDFC, Power Grid, ONGC, Tata Motors, Sun Pharma, ITC, IndusInd Bank, HDFC Bank and SBI, rising up to 3.36 per cent.
Shares of cement major ACC Ltd today surged 12.86 per cent after the company reported a rise, albeit marginally, in the consolidated net profit at Rs 329 crore for the June quarter.
Foreign portfolio investors (FPIs) bought shares worth a net of Rs 259.37 crore and DIIs bought shares worth a net of Rs 124.82 crore yesterday, provisional data showed.
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