Stock markets edge down after hitting new highs
06 June 2017
Stock markets edged down in afternoon deals today, after hitting record highs at the opening, with the NSE Nifty hitting 9700 for the first time.
Sentiment subsequently became subdued as investors awaited the Reserve Bank of India's interest rate announcement on Wednesday, and after Asian shares fell amid new risk factors that included escalating tensions in the Middle East, British elections and a European Central Bank meeting.
The Nifty50 rose as much as 34 points in the morning to hit its new high of 9,709. The BSE Sensex gained as much as 121 points to scale fresh high of 31,430 in early morning deals.
At 1:08 pm, the S&P BSE Sensex was trading at 31,190, down 120 points, while the broader Nifty50 was at 9,639, down 35 points.
The S&P BSE Midcap and the S&P BSE Smallcap indices erased morning gains to shed 0.8 per cent and 1 per cent, respectively.
ITC was among the top losers on BSE Sensex. Its shares fell as much as 2.6 per cent in their biggest intraday percentage drop in over a month.
India Grid Trust fell as much as 6.3 per cent on its debut due to lack of investor familiarity with the infrastructure investment fund.
Shares of NDTV extended losses for the second straight session on Tuesday after the Central Bureau of Investigation on Monday raided the residence of senior journalist and co-founder of the broadcaster Prannoy Roy and other premises linked to the organisation.
Among gainers, State Bank of India rose as much as 2 per cent to its highest in two weeks after a share sale to institutional investors to raise as much as $2.33 billion was fully covered within hours of the launch on Monday.
Despite headwinds in the information technology (IT) sector, both the Nifty IT and S&P BSE IT index gained more than 2 per cent. Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tata Elxsi, Hexaware Technologies and Tech Mahindra were up by between 2 per cent and to 6 per cent.
Adani Enterprises surged as much as 6.9 per cent to its highest in one week, after the company gave a final investment nod for the Carmichael coal mine and railway in Australia.