Benchmarks’ equity broke their seven-day record-breaking steak as investors posted record-high gains in recent outperforming stocks such as Infosys, Axis Bank, Tata Consultancy Services, ICICI Bank, Bajaj Finance and Kotak Mahindra Bank. During the day, the Sensex rose a whopping 256 points to reach a record high of 58,553.07 and the Nifty 50 index hit a record high of 17,436.50. However, the markets gave in all of their gains to end up negative as a result of profit postings at higher levels. The Sensex finished 17 points lower at 58,279 and the Nifty 50 index fell 16 points to close at 17,362.
“The market witnessed some volatile moves and an attempt to maintain the Nifty level of 17,300. If the market remains above the 17,200-17,250 level, it is expected to gain momentum leading to an upward projection to 17,400 -17,450,” Ashis Biswas, said chief of engineering research at CapitalVia Global Research.
Thirteen of the 19 sector indicators compiled by the BSE finished lower, led by the S&P BSE Realty Index with a decline of more than 2 percent. Oil and gas, utilities, information technology, healthcare, banking and capital goods also fell 0.5-1 percent each.
On the other hand, telecom and consumer durables saw interest in buying.
Mid- and small-cap stocks posted gains at record highs, falling 0.23 and 0.42 percent, respectively.
Among individual stocks, shares of tractor and farm equipment manufacturer VST Tiller Tractors rose a whopping 9.3 percent to hit a record high of Rs 2,890 after the company informed stock markets Monday after the market that it was range of tractors and electric tillers in South African countries.
IRCTC rose nearly 10 percent and hit a record high of Rs 3,297.90 due to heavy trading volumes.
Axis Bank was Nifty’s top loser; the stock fell 1.65 percent to close at Rs 787. Wipro, Tech Mahindra, HCL Technologies, Infosys, Eicher Motors, ONGC, Tata Steel, Tata Motors and Hero MotoCorp were also among the losers.
On the other hand, Bharti Airtel, Grasim, ITC, HDFC, IndusInd Bank, UltraTech Cement, Reliance Industries, Shree Cements and Asian Paints were among the winners.