Sensex retreats from record after rally fatigue

Xavier Trudeau
Mai 18, 2017

Both indexes also hit record intraday highs earlier.

Sensex and Nifty rose to record highs in a choppy session led by gains in metal heavyweight Tata Steel which rose 9 per cent to hit high of Rs 497 after the company post market hours on Tuesday reported better-than-expected March quarter earnings.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) scaled a new intra-day high of 9,528.15 points, while the 30-scrip Sensitive Index (Sensex) of the BSE touched a new high of 30677.83 points intra-day.

On similar lines, the broader NSE Nifty surged to a fresh intra-day peak of 9,532.60, before ending at 9,525.75, up 13.50 points, or 0.14 per cent.

Anand James, Chief Market Strategist of Geojit Financial Services, said: "Scaling of 9,500, a psychological mark in the Nifty, boosted investors' sentiments, while continued FII (foreign institutional investors) buying and consistently low volatility also served to help investors allay fears of sustainability of ongoing rally".

"Appreciation of the rupee against the U.S. dollar also supported the firmness", he added. It was followed by Tata Steel (Rs. 2,214.77 million), Tata Motors -DVR (Rs. 1,736.45 million) and Infosys (Rs. 1,075.48 million).

Adani Ports was the top index loser as the stock slipped 1.64 per cent. Wipro and HDFC were the top index losers closing down by 1.32 per cent and 1.06 per cent respectively.

Indiabulls Housing Finance, ICICI Bank, Tata Power, Hero MotoCorp, Mahindra & Mahindra, Asian Paints and Power Grid were also among the gainers.

The market breadth turned negative as 1,531 stocks ended lower, 1,269 closed higher while 172 ruled steady.

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