After a flat start, the Indian stocks moved up a bit Friday morning, lifting the benchmark indexes Sensex and the Nifty50 to fresh record highs, but changed course and kept drifting lower as the day progressed as investors chose to take some profits amid a lack of any significant triggers.
The BSE benchmark Sensex, which hit a new all-time high at 85,978.25, ended the day with a loss of 264.27 points or 0.31% at 85,571.85, while the broader Nifty50 index of the National Stock Exchange settled with a loss of 37.10 points or 0.14% at 26,178.95, after hitting a new high at 26,277.35.
Power Grid Corporation lost about 3%. ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Bank and Larsen & Toubro lost 1.4 to 2%. Adani Ports ended down 1.1%, while Larsen & Toubro and Hind Unilever closed moderately lower.
HeroMotoCorp, Ultratech Cement, Tata Consumer Products and Nestle Industries also closed weak.
Sun Pharmaceutical Industries climbed about 2.7%, and index heavyweight Reliance Indutries gained 1.72%. Titan, HCL Technologies, Asian Paints, NTPC, IndusInd Bank, Tata Steel, Maruti Suzuki, Tata Consultancy Services and Infosys gained 0.4 to 1.5%.
BPCL jumped about 6.25%. Cipla gained 3.25% and Divi’s Laboratories ended 2.4% up. Eicher Motors, Grasim Industries, Hindalco and Apollo Hospitals Enterprises advanced 1.1 to 1.4%.
Shares of Zee Media Corporation soared 10% after the company’s board approved issue of up to 13.33 crore warrants worth Rs 200 crore.
The market breadth was neutral. On BSE, 1,979 stocks closed higher, while 1,957 stocks ended weak. 124 stocks settled flat.
Market Analysis
Sensex, Nifty End Weak As Stocks Drift Lower On Profit Taking
2024-09-27 11:01:51
