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.
The benchmark Sensex on Monday zoomed over 209 points to scale new peak of 34,801.74 points on the back of positive macro-economic data and encouraging corporate earnings amid gains in other Asian markets.
The broader NSE Nifty also soared to a new high of 10,733.40 by gaining 52.15 points or 0.48 per cent. It broke its previous intra-day record of 10,690.40 hit on January 12.
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The 30-share Sensex gained 209.35 points, or 0.60 per cent, to touch an all-time high of 34,801.74, surpassing previous record of 34,638.42 (intra-day) reached on January 12.
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Reflecting the bullish mood, all the sectoral indices, led by realty, banking and power were trading in the positive zone with gains up to 1.01 per cent.
Brokers said buying activity picked up momentum on positive economic data as industrial production growth in November zoomed to a 17-month high of 8.4 per cent on the back of robust performance of manufacturing and capital goods sectors.
Shares of Infosys, India’s second largest IT exporter, was trading higher by 0.33 per cent at Rs 1,082, reacting to Q3 earnings.
The IT major on Friday reported a 38.3 per cent growth in consolidated net profit at Rs 5,129 crore for the October- December quarter and maintained its FY 2017-18 sales growth outlook at 5.5-6.5 per cent in constant currency terms.
Other prominent gainers that lifted the key indices to new highs include ICICI Bank, Tata Steel, HDFC Ltd, SBI, Power Grid, Reliance Industries, Wipro, NTPC, M&M, TCS, ITC Ltd, Coal India and Tata Motors, gaining up to 3.42 per cent.
Among other Asian markets, Japan’s Nikkei rose 0.23 per cent while Hong Kong’s Hang Seng was up 0.59 per cent in early trade. China’s Shanghai Composite index, however, was down 0.05 per cent.
The US Dow Jones Industrial Average closed at new high by surging 0.89 per cent in Friday’s trade.
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