A trader works on the floor. (Photographer: Michael Nagle/Bloomberg)

Sensex, Nifty Fall The Most In Over A Week After Record Rally

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Sensex, Nifty Fall The Most In Over A Week After Record Rally

Indian equity benchmarks declined the most in over a week as investors book profit after a record rally.

The S&P BSE Sensex swung from a gain of as much as 0.56 percent to end 0.97 percent or 383 points lower at 38,969.80 and the NSE Nifty 50 ended at 11,709.10, down 1 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.96 percent lower.

The 31-share index and the 50-share gauge had registered record highs of 39,571.73 and 11,883.55 respectively during the opening trade today.

The markets witnessed profit booking during today’s trade after a record run, Joindre Capital Services’ Avinash Gorakshakar told BloombergQuint in an interaction “Investors are currently trading based on the election sentiments and will start looking at the valuations only after the results.”

Gorakshakar expects the markets to remain choppy until the election outcome.

The market breadth was tilted in favour of sellers. About 1,145 stocks fell and 609 stocks advanced on National Stock Exchange. All the sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Auto Index’s 2.5 percent fall.

'Play Seeing Rather Than Playing Blind', TCG Asset Management Says

It is time for ‘play seeing rather than playing blind’ while investing after yesterday's record rally.

Thats the word coming from TCG Asset Management's Managing Director Chakri Lokapriya.

“Most of the rally in the markets were led by the index heavyweights and the financials. The rest of the market might join after the election results are in line with the exit polls,” Lokapriya told BloombergQuint in an interaction.

Market Check: Nifty Media Worst Sectoral Performer, Falls 2.4%

All the 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty Media Index’s 2.4 percent fall.

Stocks Moving On Heavy Volumes

United Breweries

  • Stock rose as much as 7.9 percent to Rs 1,483.70.
  • Trading volume was more than 11 times its 20-day average.

Astral Poly Technik

  • Stock fell as much as 8.3 percent to Rs 1,161.
  • Trading volume was almost nine times its 20-day average.

Just Dial

  • Stock rose as much as 8.7 percent to Rs 726.65.
  • Trading volume was more than six times its 20-day average.

Sobha

  • Stock rose as much as 6.2 percent to Rs 512.55.
  • Trading volume was more than five times its 20-day average.

Europe Market Check: Equities Rebound

European stocks rose on Tuesday, rebounding from yesterday’s sell-off as the market weighed on the latest developments in the U.S.-China trade war, with trade-sensitive tech stocks, autos and miners all gaining.

Sensex, Nifty Fall The Most In Over A Week After Record Rally

Source: Bloomberg