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Indices slip from record highs, profit booking dents sentiments

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Mumbai: Expectations of healthy quarterly results, coupled with broadly positive global cues, lifted the key Indian equity indices — NSE Nifty and BSE Sensex — to touch their new record highs during the morning trade session on Tuesday.

According to market observers, factors such as hopes of a lending rate cut by the Reserve Bank of India (RBI) in its next policy review meet, along with inflows of foreign funds and consistent projection of healthy economic growth enhanced investors risk taking appetite.

The two key equity indices experienced the Gap-Up opening from their Monday’s close.

The NSE Nifty breached the 10,000-points level during the day’s early trade session at 9.15 a.m. just after the pre-open session which lasted for 15 minutes.

The wider Nifty of the National Stock Exchange (NSE) touched a high of 10,011.30 points.

Similarly, the 30-scrip Sensitive Index (Sensex) of the BSE touched a new high of 32,374.30 points during the early-morning trade session.

“Broadly supportive global cues and continuing momentum led the NSE Nifty to touch the new all-time high above the 10,000-points mark,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.

“It is expected that the market will remain range bound in the flat-to-positive zone.”

However, soon after the initial rise, profit booking dragged the indices lower.

At 11.45 a.m., the NSE Nifty inched-lower by 9,951.05 points, down 15.35 points or 0.15 per cent from its previous close.

The BSE Sensex stood at 32,202.74 points — down 43.13 points, or 0.13 per cent.

“The profit booking after touching the figure of 10,000 points was expected as call writing seen at 10,000 points and 10,100 points level is acting ceiling for the market,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Equity market needs turnaround in corporate earnings to push the market forward. One of the triggers that can give short burst to the market on the upside would be the interest rate cut by RBI in August.”

IANS

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