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  1. Nifty trips from 10000 mid-session as caution rises ahead of earnings and US Fed meet

Nifty trips from 10000 mid-session as caution rises ahead of earnings and US Fed meet

NSE Nifty 50 pared morning gains and slipped from record highs to trade in red the as market participants turned cautious ahead of the major earnings due later today and the upcoming US Federal Reserve meeting.

By: | Published: July 25, 2017 1:14 PM
The broader Nifty was trading down by 16 points at 9,950.45 in the mid-morning session. (Image: NSE)

The broader Nifty retreated from its historic five-digit mark of 10,000 mark in the mid-morning session on Tuesday to trade in the negative after investors booked partial profits in blue-chips like Reliance Industries, ITC and HCL Tech. NSE Nifty 50 pared morning gains and slipped from record highs to trade in red the as market participants turned cautious ahead of the major earnings due later today and the upcoming US Federal Reserve meeting which is also set for Tuesday. The benchmark BSE Sensex also failed to hold on to its record levels and fell by 40 points to 32,20594 points.

The Sensex resumed higher at 32,350.71 and moved between all time record high of 32,374.30 and a low of 32,198.61 in morning trade. The broader Nifty was trading down by 16 points at 9,950.45 in the mid afternoon session.

Shares of the second largest mortgage lender Indiabulls Housing Finance rose 3.12% to the 52-week high of Rs 1,193.45 after the company reported a 25% jump in the June quarter net at Rs 788.2 crore. The mobile tower company Bharti Infratel rose as much as 3.9% to the 52-week high of Rs 425, both the shares are top gainers on NSE Nifty 50.

In the early morning trade the domestic markets hit record highs on Monday as the broader Nifty 50 hit the most awaited five-digit mark of 10,000 points. Shares of Blue-chip companies mostly trade higher with Axis Bank (up 0.88%), Bharti Airtel (up 0.51%), Hero MotoCorp (up 1.06%), Vedanta (up 1.95%) while Asian Paints (down 0.49%) ahead of their first quarter earnings

Sentiments turned cautious on the back of mixed Asian cues as investors await the US Federal Reserve meeting due later today on clues over next policy tightening. Out of 51 listed scrips on Nifty 29 are trading in red.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 366.84 crore yesterday, as per provisional data. While, domestic institutional investors (DIIs) bought shares worth a net Rs 668.87 crores. Overseas, Asian stocks witnessed a mixed trend amid subdued trading on Wall Street overnight. US equities closed mixed yesterday, as Wall Street geared up for a major week of earnings and Federal Reserve news.

 

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