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Sunday, March 3, 2024

Markets take a breather after record-breaking rally

Nifty hits all-time high in intra-day trade

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MUMBAI, Dec 12: Benchmark stock indices closed lower on Tuesday due to profit taking by investors after a record-breaking rally and ahead of release of key inflation numbers.

After a two-day rally, the 30-share BSE Sensex fell by 377.50 points or 0.54 per cent to settle at 69,551.03. During the day, it declined 484.68 points or 0.69 per cent to 69,443.85.

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The Nifty declined by 90.70 points or 0.43 per cent to 20,906.40. In intra-day trade, it hit a record high of 21,037.90. Key stock indices had settled at lifetime high levels on Monday following buying by foreign investors.

Among the Sensex firms, IndusInd Bank, Maruti, Titan, Reliance Industries, NTPC, Mahindra & Mahindra, Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank were the major laggards.

UltraTech Cement, JSW Steel, Axis Bank, Tata Consultancy Services, Wipro and ITC were the major gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the postitve territory.

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European markets were trading mostly in the green. The US markets ended with gains on Monday.

“Following the recent impressive surge, the Nifty-50 has undergone a consolidation phase today due to anticipated elevated November inflation in India, driven by rising food prices, which may potentially delay RBI policy cuts. In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy,” said Vinod Nair, head of research, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.39 per cent to USD 76.33 a barrel on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,261.13 crore on Monday, according to exchange data.

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The BSE benchmark surged past the 70,000-level for the first time on Monday, reaching its record intra-day peak of 70,057.83. It ended at 69,928.53, registering a gain of 102.93 points or 0.15 per cent.

The Nifty gained 27.70 points or 0.13 per cent to settle just below the 21,000 level at 20,997.10, its all-time closing high. (PTI)

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The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur
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