BSE Sensex retreats after hitting life-time high, NSE Nifty too falls

Jul 25 2014, 17:53 IST
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ICICI Bank provisionally fell 1.8 percent while Wipro slumped 4.4 percent. (AP) ICICI Bank provisionally fell 1.8 percent while Wipro slumped 4.4 percent. (AP)
SummaryBSE Sensex today ended 145 points lower at 26,126.75...

Recording the first drop in nine sessions, the benchmark BSE Sensex today ended 145 points lower at 26,126.75 after selling pressure emerged in bluechips as investors judged recent gains as excessive.

The Sensex, which had gained 1,265 points in eight days in which it hit record highs in two straight days, climbed to hit yet another life-time high of 26,300.17 in early trade.

However, the gains proved to be short-lived as FIIs and domestic funds took some profit off the table in recent out-performers. The BSE index closed at 26,126.75, down 145.10 points or 0.55 per cent.

Yesterday, the 30-share bluechip benchmark had ended at its all-time closing high of 26,271.85 and had also hit intra-day high of 26,292.66.

The 50-scrip NSE Nifty today after hitting an intra-day record high of 7,840.95 in the opening trade, slipped below the 7,800-mark as selling pressure was witnessed. It finally ended the session 40.15 points, or 0.51 per cent lower at 7,790.45. Yesterday, the gauge concluded at record 7,830.60.

The Nifty had gained 376.45 points, or 5.05 per cent, in previous eight sessions.

Traders said the market was in an "over-bought" position and adopted a cautious approach and preferred to lighten some positions. Selling was more pronounced in realty, metal, power, PSU, auto and oil and gas sector stocks, which pulled down the Sensex and Nifty from record highs.

Wipro's scrip tumbled about 4.5 per cent and Infosys shed 0.89 per cent. Wipro's earnings yesterday failed to beat expectations, analysts said.

Tata Motors and BHEL were among the biggest Sensex losers. Heavyweights like ICICI Bank and RIL also slipped.

Bucking the trend, stocks of healthcare and FMCG sectors continued their upward journey on sustained buying activity.

Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities: Although geopolitical concerns continued to prevail in global markets, equity markets ended in the positive zone for the week. Earnings season has been good in the US with Boeing and Apple announcing robust earnings. Sensex outperformed other global equity indices on receding concerns related to monsoons and crude oil prices. The inflation data announced for June indicated weakening of inflation, which was taken positively. During the week, Axis bank, HDFC and HDFC Bank reported their quarterly numbers which were largely in line with expectations. Going into next week, we have numbers from L&T to start with.

HIGHLIGHTS

* BSE

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