Indices come down from record highs; Sensex slumps 383 points on profit booking

Indices come down from record highs; Sen...

Benchmark indices took U-turn from record high levels touched during early trade on Tuesday, with the BSE Sensex tripping nearly 383 points and the NSE Nifty shedding over 119 points as investors hurried up to book profits.

An intense selling was seen, barring initial hours, across sectors after market participants sensed that exit polls euphoria over BJP's likely win in the general election has already been factored in appropriately.

After hitting an intra-day record high of 39,571.73, the 30-share index ended 382.87 points, or 0.97 per cent, lower at 38,969.80. The gauge hit the day's low of 38,884.85.

In a similar movement, the broader NSE Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10.

Tata Motors was the biggest loser in the Sensex pack, dipping 7.05 per cent, a day after the company posted a 49 per cent decline in March quarter profit. Maruti, IndusInd Bank, M&M, Bharti Airtel, SBI, PowerGrid, Hero MotoCorp, Tata Steel, ICICI Bank, Infosys, Yes Bank and TCS too fell up to 3.25 per cent.

On the other hand, RIL, HUL and Bajaj Finance ended in the green, rising up to 1.08 per cent. The broader BSE midcap and smallcap indices ended in the red in line with benchmarks, falling up to 0.84 per cent.

Traders believe that though a profit-booking emerged at higher levels but election rally may continue if the election results come as per exit polls prediction. On Monday, the 30-share index skyrocketed 1,421.90 points, or 3.75 per cent, to 39,352.67, and the Nifty soared 421.10 points, or 3.69 per cent, to 11,828.25.

The rally came after a majority of exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will be announced on May 23. Meanwhile, the Indian rupee was trading marginally lower at 69.76 against the US dollar.

Brent crude, the global benchmark, was trading at 72.01 per barrel, higher by 0.04 per cent. Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.


PostedOn: 21 May 2019 Total Views: 192




Big bang reform: Tax on companies cut by...

Big bang reform: Tax on companies cut by 10 per ce...

Under mounting pressures of an acute demand dearth, investment slowdown, six-year low economic growth and 45-year high unemployment rate, the Centre on Friday slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent. The fresh fiscal measures announced by finance minister Ni...

21 Sep 2019

Reduction of GST need of hour: Realty se...

Reduction of GST need of hour: Realty sector

The Government’s announcement to create Rs 20,000 crore stress fund for real estate sector has evoked mixed reactions from the real community in the city. The real estate industry in Hyderabad has been on an upswing for the past three to four years and the number of stalled projects is fewer w...

15 Sep 2019

Tax relief to SMEs | Small businesses ma...

Tax relief to SMEs | Small businesses may be exemp...

The Goods and Services (GST) Council may exempt small assessees from filing returns for FY18, reports BusinessLine. The Council, which will be meeting on September 20, will decide whether to grant an exemption only for 2017-18 or for 2018-19 as well, sources told the publication. Small businesses, o...

12 Sep 2019

Sensex drops over 100 points to slip bel...

Sensex drops over 100 points to slip below 37,000 ...

Domestic equity benchmark BSE #Sensex dropped over 100 points to fall below the 37,000 mark on Thursday tracking weak cues from other Asian markets amid concerns of a looming global economic slowdown. The 30-share index was trading 127.32 points, or 0.34 per cent, lower at 36,933.05. The broader Nif...

22 Aug 2019

RBI cuts key rate by 25 bps, changes neu...

RBI cuts key rate by 25 bps, changes neutral stanc...

The Reserve Bank of India (RBI) cutkey lending rates by another 25 basis points to 5.75 per cent on Thursday. In the second bi-monthly monetary policy of 2019-20 under Governor Shaktikanta Das, the six-member Monetary Policy Committee voted 4:2 in favour of the rate cut. The Monetary Policy Committe...

06 Jun 2019

India projected to grow at 7.5 per cent ...

India projected to grow at 7.5 per cent for three ...

India's economy is projected to grow at 7.5 per cent in the next three years, supported by robust investment and private consumption, the World Bank has forecast, in some good news to the new Indian government. The bank in its Global Economic Prospects relea-sed on Tuesday said India is estimated to...

06 Jun 2019

BPCL, HPCL take 25 pc stake each in IOC'...

BPCL, HPCL take 25 pc stake each in IOC's Rs 9,000...

Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) have joined in the country's longest LPG pipeline project being laid by state-owned Indian OilCorporation(IOC) to cater to cooking fuel needs of a fourth of the country's population. BPCL and HPCL will take 25 per cent stake ea...

04 Jun 2019

Sensex jumps over 100 points; Nifty near...

Sensex jumps over 100 points; Nifty nears 11,900

The benchmark BSE Sensex jumped over 100 points in early trade on Monday driven by gains in banking stocks amid unabated foreign fund inflow. The 30-share index was trading 128.27 points, or 0.33 per cent, higher at 39,562.99. Similarly, the broader NSE Nifty spurted 28.75 points, or 0.24 per cent, ...

27 May 2019