Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Bulls tightened their grip on Thursday as the indices climbed to fresh record highs led by buying across sectors.
At close, the Sensex was up 666.25 points, or 0.78%, at 85,836.12, and the Nifty was up 211.80 points, or 0.81%, at 26,216.
The Sensex hit a fresh record high of 85,930.43, while the Nifty peaked at 26,250.90.
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On the Nifty, the top gainers were Maruti Suzuki (up 4.68%), Tata Motors (up 3.07%), Shriram Finance (up 2.96%), Grasim Industries (up 3.15%), and M&M (up 2.91%).
The losers were ONGC (down 1.17%), Cipla (down 1.30%), NTPC (down 0.34%), Hero MotoCorp (down 0.61%), and L&T (down 0.84%).
Over 250 stocks touched their 52-week highs on the BSE. These included Bajaj Finserv, Bharti Airtel, Blue Star, Britannia Industries, Ceat, Hindalco Industries, ITC, Lloyds Metals, M&M, M&M Financial, NTPC, Persistent Systems, Shriram Finance, Sun Pharma, Tata Communications, Tata Power, Trent, and UltraTech Cement, among others.
The BSE Midcap index ended almost flat, while the BSE Smallcap index dropped by 0.39%.
The overall market capitalisation of BSE-listed firms rose to Rs 477 lakh crore from Rs 475 lakh crore in the previous session.
Among the sectors, all soared with Auto and Metal being the top contributors. The Nifty Auto index jumped 2.26%, followed by the Nifty Metal index, which rose 2.13%.
Shares of Crompton Greaves slipped by 5% after the electric goods player said that the demand is likely to be average in Q2 compared to Q1.
Hero MotoCorp stock fell over a per cent in trade after UBS reiterated its bearishness on the counter with a sell call as it sees multiple concerns for the two-wheeler major.
Shares of Vedanta spiked 5% after the mining giant announced that its board will meet on October 8 to discuss a potential fourth interim dividend for FY25.
Global markets across Europe and Asia traded in the green following China’s announcement of key measures to bolster its economy.
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