Sensex, Nifty End Lower After Hitting Record Highs In Early Trade 
An image of an Index curve overlays a trader typing on a keyboard on the trading floor. (Photographer: Alex Kraus/Bloomberg)

Sensex, Nifty End Lower After Hitting Record Highs In Early Trade 

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Closing Bell: Sensex, Nifty End Lower After Crossing Milestones During Early Trade

Indian equity benchmarks ended lower, halting their two-day gaining streak after hitting record highs in the opening trade.

The S&P BSE Sensex fell 0.17 percent to end at 40,821.30 and the NSE Nifty 50 fell 0.3 percent to end at 12,037.70. The broader markets represented by the NSE Nifty 500 Index fell 0.4 percent.

The 31-share index had risen as much as 0.57 percent to cross 41,000 for the first time during the opening trade. The 50-stock gauge had risen 0.49 percent intraday to surpass its previous record high of 12,103.05.

The NSE Nifty 50 may be trading at a record high, but that may not be cause for comfort, according to Basant Maheshwari, co-founder of Basant Maheshwari Wealth Advisers LLP.

“The (Nifty) small-cap index is 47 percent off its record high. (That) portfolio is bleeding in the red,” he told BloombergQuint in an interaction. “That's the real problem.”

Foreign institutional investors, he said, are net short in the derivatives market and haven’t covered their shorts yet. And that, according to him, would decide whether the Nifty would sustain its record high. “If you go by anecdotal historical evidence, till the time foreign investors go net long in the derivative markets, Nifty will not sustain its all-time high.”

To decisively move towards 12,500-13,000, which Maheshwari expects to happen in the next three-to-four months, foreigners must buy “big lock, stock, and barrel”.

The market breadth was tilted in favour of sellers. About 1,020 stocks declined and 786 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 3.63 percent fall. On the flipside, the NSE Nifty Private Bank Index was the top sectoral gainer, up 0.61 percent.

Stocks Moving On Heavy Volumes

Cholamandalam Financial Holdings

  • Stock fell as much as 3.5 percent to Rs 471.65.
  • Trading volume was almost 15 times its 20-day average.

Mahindra CIE Automotive

  • Stock rose as much as 2.8 percent to Rs 150.
  • Trading volume was almost 10 times its 20-day average.

Greaves Cotton

  • Stock rose as much as 4.4 percent to Rs 140.50.
  • Trading volume was more than five times its 20-day average.

Info Edge India

  • Stock fell as much as 3.9 percent to Rs 2,530.15.
  • Trading volume was more than five times its 20-day average.

Himadri Special Chemical

  • Stock rose as much as 8.4 percent to Rs 74.90.
  • Trading volume was more than five times its 20-day average.

Bharti Airtel Worst Performer On Sensex, Nifty

Shares of Bharti Airtel fell as much as 4.2 percent to Rs 432.55. The stock was the worst performer on Sensex and Nifty.

Of the shares traded, 43 percent were at the ask price and 43 percent were at the bid, according to Bloomberg data. The scrip declined 1.2 percent in the past five days and advanced 16 percent in the past 30 days, Bloomberg data showed.

Market Check: Sensex, Nifty Decline

Indian equity benchmarks reversed gains and traded at day’s low.

The S&P BSE Sensex fell 0.3 percent to 40,778 and the NSE Nifty 50 fell 0.34 percent.

ICICI Bank Extends Gain For Second Day, Shares Hit Record High

Shares of ICICI Bank extended gains for the second consecutive trading session. The stock rose as much as 2.6 percent to hit an all-time high at Rs 510.85.

The stock traded at 22 times its estimated earnings per share for the coming year, according to Bloomberg data. Of the shares traded, 40 percent were at the ask price and 53 percent were at the bid.

Sensex, Nifty End Lower After Hitting Record Highs In Early Trade 

CSB Bank’s IPO Subscribed 9.67 Times So Far On Third Day Of Bidding

CSB Bank’s Rs 410-crore initial public offering was subscribed 9.67 times as of 1 p.m. on the final day of bidding today.

  • Qualified institutional buyers: 4.26 times
  • Non-institutional investors: 5.98 times
  • Retail investors: 31.44 times
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