Markets retreat from record highs to close flat amid profit-taking in FMCG & IT stocks

Mumbai: Benchmark indices Sensex and Nifty hit intra-day record high levels before closing almost flat on Monday due to profit-taking in FMCG and IT shares by cautious investors ahead of the key US Fed interest rate decision later this week.

The 30-share BSE Sensex closed higher by 23.12 points or 0.03 per cent at 81,355.84 — its all-time closing high — with 16 of its components advancing and 14 ending lower.

The NSE Nifty ended marginally up 1.25 points or 0.01 per cent at an all-time closing high of 24,836.10.

From the Sensex pack, Larsen & Toubro rose the most by 2.77 per cent after it announced bagging new large orders worth Rs 2,500 crore to Rs 5,000 crore.

UltraTech Cement, which announced the acquisition of 32.72 per cent stake in India Cements from promoters and their associates for Rs 3,954 crore, closed up 1.42 per cent.

Bajaj Finserv, M&M, SBI, IndusInd Bank, Reliance Industries and Sun Pharma were among the biggest gainers. On the other hand, Titan Ltd fell the most 2.38 per cent. Bharti Airtel (2.22 per cent), ITC (1.33 per cent), Kotak Mahindra Bank (1.04 per cent) and HDFC Bank (0.68 per cent) were among the major losers, dragging the key indices from record highs.

IT shares Tech Mahindra, TCS, Infosys, and HCL Tech fell up to 1 per cent ahead of the US Fed meeting on interest rates.

In the broader market, the BSE smallcap gauge jumped 1.17 per cent and the midcap index climbed 0.80 per cent. The BSE smallcap index hit its all-time high level during the day.

Among the indices, capital goods surged 2.73 per cent, industrials rallied 2.33 per cent, realty (1.51 per cent), oil & gas (1.17 per cent), energy (0.96 per cent) and power (0.76 per cent). IT, telecom, utilities and teck were the laggards.