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  4. Sensex, Nifty off record highs; banking stocks drag

Sensex, Nifty off record highs; banking stocks drag

Market benchmarks Sensex and Nifty on Wednesday closed in the red, pausing their four-session winning run on emergence of selling mainly in banking stocks. After trading on a volatile note through the day, the 30-share BSE Sensex settled 79.90 points or 0.19 per cent lower at 41,872.73. Similarly, the broader Nifty closed 19 points, or 0.15 per cent, down at 12,343.30.

PTI PTI
Mumbai Updated on: January 15, 2020 16:25 IST
Sensex, Nifty off record highs; banking stocks drag
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Sensex, Nifty off record highs; banking stocks drag

Market benchmarks Sensex and Nifty on Wednesday closed in the red, pausing their four-session winning run on emergence of selling mainly in banking stocks. After trading on a volatile note through the day, the 30-share BSE Sensex settled 79.90 points or 0.19 per cent lower at 41,872.73. Similarly, the broader Nifty closed 19 points, or 0.15 per cent, down at 12,343.30.

Both indices -- Sensex and Nifty -- had closed at their life-time high levels for the second day in a row on Tuesday.

IndusInd Bank was the top loser in the Sensex pack, dropping 5.44 per cent. Infosys, SBI, PowerGrid, Tech Mahindra, Bharti Airtel and HDFC Bank too fell up to 1.21 per cent.

On the other hand, Hero MotoCorp, Titan, Maruti, Asian Paints, M&M, TCS, Bajaj Auto and Ultratech Cement rose up to 2.58 per cent.

Analysts are of the view that indices retreated from record highs after US officials said the trade truce with China, set to be signed on Wednesday, does not include a deal to roll back tariffs imposed on most Chinese goods.

Vinod Nair, Head of Research, Geojit Financial Services Ltd, said, "After the solid pre-budget rally, market is getting a bit sceptical post higher than expected NPA numbers in the recent Q3 banks results and very high consumer inflation which may stay for another month or two. Market would watch the Q3 results & actual budget, for further direction."

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a negative note, while exchanges in Europe were off to a tepid start.

Domestic investors were also concerned about possible stagflation in India due to low growth and high inflation in wake of recently released government data, traders said.

Brent crude oil futures fell 0.33 per cent to USD 64.28 per barrel.

The rupee was trading flat at 70.87 per US dollar (intra-day).

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