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Sensex slips from record on profit-booking

Mon 29 May 2017, 11:00:15
Stock markets came off their peak and turned weak today after two back-to-back sessions of gains as the benchmark Sensex cracked below 31,000-mark after investors indulged in profit-booking.Besides, muted earnings from some companies weighed on sentiment.

The 30-share index slipped below the 31,000-mark by falling 158.31 points, or 0.51 per cent, to 30,869.90 as profit-booking set in recent gainers.

The gauge had gained 726.57 points and closed at life high of 31,028.21 after scaling an intra-day record high of 31,074.07 on Friday.BSE sectoral indices led by healthcare, IT, teck and realty declined.

On similar lines, the NSE Nifty retreated from life highs as it succumbed to profit-booking to quote 47.40 points, or 0.49 per cent, lower at 9,547.70. It had closed at an all-time high of 9,595.10 after soaring to 9,604.90 (intra-day) on Friday.

Brokers said emergence of selling by participants at record levels amid discouraging fourth quarterly earnings by some bluechip companies dampened sentiments.

Among Sensex-30 constituents, Sun Pharma suffered the most by tumbling 12.07 per cent to Rs 499.90 following disappointing earnings.Other major losers were Lupin, ICICI Bank, Wipro, Adani Ports, Cipla, Maruti Suzuki, NTPC, ONGC and Infosys, falling by up to 1.70 per cent.

Among other Asian markets, Hong Kong's Hang Seng rose 0.09 per cent while Japan's Nikkei up 0.16 per cent in their early deals. Shanghai Composite Index too was up 0.07 per cent.

The US Dow Jones Industrial Average ended 0.01 per cent lower on Friday.


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