Sensex, Nifty Erase All Early Gains, Slips Into Red In Late Deals

Equity indices gave up all early gains and plunged into red on Friday amid constant selling pressure in late deals. The benchmark BSE Sensex cracked 205 points or 0.34 per cent to 60,718 in late trading; while the broader NSE Nifty moved 95 points or 0.52 per cent lower to 18,083.

Sensex, Nifty Erase All Early Gains, Slips Into Red In Late Deals

Major laggards in the BSE pack included ITC, Tata Steel, Asian Paints, Infosys and Tech Mahindra.

New Delhi: Equity indices gave up all early gains and plunged into red on Friday amid constant selling pressure in late deals. The benchmark BSE Sensex cracked 205 points or 0.34 per cent to 60,718 in late trading; while the broader NSE Nifty moved 95 points or 0.52 per cent lower to 18,083.

Major laggards in the BSE pack included ITC, Tata Steel, Asian Paints, Infosys, NTPC and Tech Mahindra with their shares down as much as 3.49 per cent. On the other hand, Bajaj Auto, HDFC twins (HDFC and HDFC Bank), Kotak Mahindra Bank and Axis Bank surged as much as 2.28 per cent.

TVS Motor Co also gained as much as 7.10 per cent as it posted a rise in quarterly profit on Thursday.

On the NSE platform, sub-indices Nifty Metal and IT tanked as much as 3.47 per cent in late deals today; while Nifty Realty outperformed the index by rising as much as 1.37 per cent.

"Domestic headwinds like high valuations have become unsustainable and rising commodity inflation will impact the margins of firms," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services has told news agency PTI.

Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 2,818.90 crore on Thursday, as per exchange data.

He has also stated that, "Sustained selling by institutions -- both DIIs (Domestic Institutional Investors) and FIIs -- indicates that smart money regards the market as overheated and overvalued." 

Investors today await earnings results from the likes of PVR and Yes Bank, as well as from index heavyweight Reliance Industries (RIL).

RIL shares are currently trading 0.29 per cent higher at 2,630.15 on the BSE index.

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