Sensex, Nifty End Lower After Hitting Record Highs

Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty Media index's 3.6 per cent fall.

Sensex, Nifty End Lower After Hitting Record Highs

BSE Sensex: Zee Entertainment was top loser in the Nifty 50 basket of shares.

The S&P BSE Sensex and NSE Nifty 50 indexes ended lower after hitting record highs earlier in the session paced by losses in Bharti Airtel, Tata Consultancy Services, Larsen & Toubro, Infosys and Maruti Suzuki. The benchmarks clocked record highs in the opening deals, however, profit-booking in the last hour of trade wiped out gains. The Sensex fell as much as 410 points from record high of 41,120.28 and NSE Nifty index dropped as much as 126 points from record high of 12,132.45.

The Sensex ended 68 points or 0.17 per cent lower at 40,821 and the Nifty 50 index fell 36 points or 0.3 per cent to close at 12,038.

"Nifty finally managed to touch new high today on the back of strong global cues, Foreign institutional investor (FII) buying and improvement in market sentiments after the slew of government reforms," said Siddhartha Khemka, head of retail research at brokerage Motilal Oswal Financial Services. "While the initiatives taken by the government and the RBI will take time to work on the ground and reflect in numbers, the market is focusing on long-term reforms."

Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by the Nifty Media index's 3.6 per cent fall.

Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indexes dropped 0.8 per cent and 0.4 per cent respectively.

Zee Entertainment was top loser in the Nifty 50 basket of shares, the stock slumped as much as 9.2 per cent to Rs. 312 after its Chairman Subhash Chandra resigned from the company.

Bharti Infratel, Grasim industries, Bharti Airtel, JSW Steel, Bharat Petroleum, Wipro, Coal India and Mahindra & Mahindra were also among the laggards.

On the flipside, ICICI Bank, GAIL India, Dr Reddy's Labs, IndusInd bank, Tata Steel, Yes Bank, Nestle India and Britannia Industries were among the gainers.

The overall market breadth was negative as 1,410 shares ended lower while 1,120 closed higher on the BSE.

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