Sensex hits 76k; Nifty tests fresh record high
However, Sensex fell by 835pts from intra-day’s high on profit booking; Reliance, ITC weigh on indices
image for illustrative purpose
Mumbai: Sensex scaled the 76,000 level for the first time, while Nifty hit a new lifetime peak before closing marginally down on Monday as investors booked profits at record levels amid high volatility ahead of the results of Lok Sabha polls.
The 30-share BSE Sensex closed lower by 19.89 points or 0.03 per cent lower at 75,390.50. Intra-day, the barometer climbed 599.29 points or 0.79 per cent to an all-time peak of 76,009.68 following gains in select banking, financial and IT shares.
However, investors preferred to book profits at record levels and the index declined around 835 points from the day’s high to hit a low of 75,175.27 points. Broader Nifty of the NSE declined by 24.65 points or 0.11 per cent, to end at 22,932.45 points. The 50-issue barometer rose by 153.7 points or 0.66 per cent to hit a new lifetime high of 23,110.80 during the day. However, it tanked around 240 points at the fag-end due to selling in oil, energy and FMCG shares. Index heavyweight Reliance Industries declined nearly 1 per cent, dragging the benchmark indices into the negative. Selling in FMCG giant ITC also eroded gains.
“The bulls are facing stiff resistance at 23,000 levels as investors start booking profit at higher levels to avoid any knee-jerk reaction in the market ahead of the election result. Better earnings growth, the expectation of a revival in private capex, and a moderation in FIIs selling intensity are the key positive triggers in the market,” Vinod Nair, head (research), Geojit Financial Services.
“Nifty ended almost flat in a volatile session after hitting record highs in the early part of the session,” adds Deepak Jasani, head (retail research), HDFC Securities.
Ajit Mishra, Sr V-P (research), Religare Broking Ltd, said that “the tone was positive in the first half, but profit-taking in heavyweights in the second half erased all the gains. In the broader market, the BSE midcap gauge climbed 0.63 per cent, while smallcap index dipped 0.09 per cent.”
India VIX, which measures market volatility surged nearly 7 per cent to 23.13 points.
