Markets retreat from lifetime highs, close slightly lower on profit-taking & foreign fund outflows

Mumbai: Benchmark stock indices Sensex and Nifty closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows.

The 30-share BSE Sensex pared early gains and closed 64.77 points or 0.08 per cent lower at 85,641.90. During the day, the benchmark jumped 452.35 points or 0.52 per cent to hit a record intra-day high of 86,159.02.

The 50-share NSE Nifty dipped 27.20 points or 0.10 per cent to settle at 26,175.75. During the day, it climbed 122.85 points or 0.46 per cent to hit a lifetime high of 26,325.80.

Markets faced correction at higher levels as expectations of an RBI rate cut this week faded following better-than-expected Q2 GDP growth, an expert said.

Stock markets had surged to their record highs in the morning session as investor sentiment turned positive after India’s economy grew at a higher-than-expected 8.2 per cent in July-September - recording the fastest pace in six quarters.

Among Sensex firms, Bajaj Finance, Sun Pharma, Trent, Mahindra & Mahindra, State Bank of India and Bajaj Finserv were the major laggards.

However, Tata Motors Passenger Vehicles, Maruti, Bharat Electronics, Kotak Mahindra Bank, Adani Ports and HCL Tech were among the gainers.

The BSE midcap gauge dipped 0.19 per cent and smallcap index ended flat marginally up by 0.05 per cent.

Among sectoral indices, realty dropped 1.02 per cent, followed by consumer durables (0.56 per cent), services (0.45 per cent), telecommunication (0.27 per cent), FMCG (0.23 per cent) and oil & gas (0.13 per cent).

Auto jumped 0.80 per cent, metal (0.56 per cent), BSE Focused IT (0.33 per cent), IT (0.28 per cent), and consumer discretionary (0.20 per cent).

FIIs offloaded equities worth Rs 3,795.72 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,148.48 crore, according to exchange data.