A contrary trade has been witnessed between the shares of heavyweight companies such as Reliance Industries, ICICI Bank, providing the major drop in the index and Infosys, TCS, Wipro helping to trim the losses.
The benchmark Sensex index came under pressure in mid-morning trade on Tuesday after making fresh all-time high in the early morning session. A contrary trade has been witnessed between the shares of heavyweight companies such as Reliance Industries, ICICI Bank, provided the major drop in the index and Infosys, TCS, Wipro which helped to trim the losses. Indian stock markets are weighing on a number of factors such as record high closing of key indices of US — Dow Jones Industrial Average, S&P 500, NASDAQ — on Wall Street, mixed sentiments about Q2 corporate earnings. BSE Sensex dropped 148.81 points to hit the day’s low of 33,582.38 points while NSE Nifty dived 57.15 points to mark a day’s low of 10,394.65.
The shares of IT industry heavyweights such as Infosys (up 3.03%), TCS (up 2.64%), Wipro (up 2.22%) were the only notable gainers on Sensex while Reliance Industries plunged 2.61%. The shares of Asian Paints, Cipla, Axis Bank, Bharti Airtel, ICICI Bank were the major laggards on the index, lost up to 1.65%. The stocks of RIL and ICICI Bank contributed the most to decline in the index, collectively these 2 stocks alone shaved off about 106 points while Infosys and TCS helped to trim some losses.
At the opening bell, Sensex gained 49.82 points or 0.15% to open at 33,781.01 points whereas Nifty added 25.35 points or 0.24% to begin at 10,477.15 points. Within minutes of trading, the benchmark Sensex jumped 134.76 points to hit a yet another all-time high of 33,865.95 points while the broader Nifty 50 index advanced 33.95 points to mark a fresh record high at 10,485.75 points.
US stocks climbed to record highs on Monday, helped by optimism about merger activity and as investors bet that a Republican plan to cut corporate taxes would bolster earnings, Reuters reported. All three major indexes closed at record highs. The Dow Jones Industrial Average inched up 0.04 percent to end at 23,548.42, while the S&P 500 gained 0.13 percent to 2,591.13. The Nasdaq Composite added 0.33 percent to 6,786.44.