Markets

Sensex dips 37 points on profit-booking; Nifty edges higher

The Bombay Stock Exchange (BSE) building, in Mumbai. File   | Photo Credit: PTI

The BSE Sensex retreated from record highs to close 37 points lower on Wednesday due to profit booking in banking and infrastructure stocks by cautious investors after the recent rally.

The 30-share barometer closed lower by 37.40 points or 0.08% at 44,618.04.

The broader NSE Nifty edged higher by 4.70 points or 0.04% to end at its fresh record high of 13,113.75.

Banking stocks bore the brunt of profit selling ahead of the RBI policy announcement this week. Kotak Bank was top loser among Sensex stocks, dropping by 3.28%.

HDFC Bank declined by 1.86%, HDFC by 1.28% and ICICI Bank by 0.99%. SBI fell 0.5% while Bajaj Finance by 0.72%.

Larsen & Toubro dropped 0.16%.

Markets had opened with losses as investors were cautious over a possible US stimulus package. However, the UK’s approval for the Pfizer COVID-19 vaccine cheered investors helping the indices to limit losses, analysts said.

Among major gainers, ONGC rose the most by 4.11%, followed by Asian Paints (3.74%) and Titan (3.48%). Auto stocks gained after the companies reported sales growth in the domestic market in November, aided by robust offtakes amid the festival season.

Bajaj Auto rose by 2.86%, Mahindra and Mahindra by 2.53% and Maruti Suzuki by 1.47%.

IT major TCS and Infosys recovered from early lows to close higher by 0.81% and 0.33%, respectively.

Other Asian markets were mixed, with the Nikkei 225 in Tokyo and the Shanghai Composite index in China edging 0.1% higher, and South Korea’s Kospi gaining 1.6%.

Hong Kong’s Hang Seng dropped 0.2% while Australian shares closed almost flat.

This article is closed for comments.
Please Email the Editor

Printable version | Jan 16, 2021 9:19:04 AM | https://www.thehindu.com/business/markets/sensex-dips-37-points-on-profit-booking-nifty-edges-higher/article33230244.ece

Next Story