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BSE Sensex, Nifty Retreat from Life Highs

BSE Sensex, Nifty Retreat from Life Highs

Snapping the nine-day winning streak, the BSE benchmark Sensex today retreated from record high to trade nearly 0.50 per cent lower on profit-booking, mainly in realty, capital goods, and metal stocks.

The 30-share Sensex, after surging by 825 points in the past eight sessions and setting fresh highs during the rally, had closed at record high of 27,139.94 after hitting an all-time intra-day high of 27,225.85.

Cautious mood also prevailed in other Asian markets too ahead of the European Central Bank's meeting later in the day. Global shares rallied on Wednesday as Russian President Vladimir Putin, after speaking to Ukrainian President Petro Poroshenko by phone, said he believed Kiev and pro-Russian separatists could reach agreement at planned talks in Minsk on Friday.

Market analysts don't see a sharp correction in Indian markets. TS Harihar, chief executive and founder of HRBV Client Solutions Private, said that Nifty has limited downside risks and has support at 7950 levels.

At 11:22 a.m., Sensex was down 130 points to 27,010 while Nifty was off 41 points to 8,073. Selling pressure was stronger in broader markets with BSE midcap and smallcap indices down 0.75 per cent and 1 per cent.

Among Nifty stocks, DLF shares fell 6 per cent on Thursday after the Punjab and Haryana High Court cancelled the allocation of a 350-acre land in Gurgaon to the realty major. The allocation was challenged on the ground that the land was acquired for a recreational park, but later given to DLF for commercial sale.

The BSE realty index fell over 4 per cent to be the biggest loser among sectoral indices. Godrej Properties, HDIL, and Indiabulls Real Estate fell over 3 per cent.

PNB, JSPL and Hindalco fell between 2 per cent and 4 per cent to be other major Nifty losers. Some buying was seen in selected defensive pharma and FMCG stocks like Lupin, Cipla and HUL, with these stocks down nearly 1 per cent.

(With Agency Inputs)