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Market slips into red after fresh record open; midcaps, sectoral indices negative

Market slips into red after fresh record open; midcaps, sectoral indices negative

Market slips into red after fresh record open; midcaps, sectoral indices negative
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By Ajay Vaishnav  Aug 7, 2018 11:26:56 AM IST (Updated)

The BSE Sensex scaled yet another record high in the opening trade, jumping 158 points to 37,849, while the Nifty opened above the 11,400 mark, at 11,423.

Equity benchmark indices turned negative and came under pressure after profit-booking was seen across major sectors, particularly banks after Monday's record run. The BSE Sensex was trading at 37,656.46, down by 35.43 points, or 0.09 percent at 11.12 am, while the NSE Nifty 50 was down by 9.50 points, or 0.08 percent, or 11,377.60. Asian Paints, Yes Bank, Infosys, Kokak Mahindra Bank, L&T, HDFC Bank surged on the BSE, while Adani Ports, Coal India, SBI, Bharti Airtel, Reliance, Sun Pharma declined.

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BSE MidCap was down by over half a percent, while SmallCap too traded lower by 0.46 percent. BSE LargeCap traded lower by 0.13 percent. Among sectoral indices on the gauge, Energy, Healthcare, Industrials, Telecom, Utilities, Oil & Gas, Power, Realty declined the most.
On the NSE, gainers include Asian Paints, UltraTech Cement, Grasim, Zee Entertainment, Titan, rising by up to 2.36 percent. The laggards include Adani Ports, HPCL, Coal India, Cipla and SBI, declining by up to 5.47 percent. Nifty MidCap is declining by 0.53 percent, while except IT and Media, all sectoral indices on the broader index traded in the red. Nifty PSU Bank was down by 1.55 percent.
(Market update as of 11.15 am)
Sensex, Nifty open at record highs, but turn flat
Indian equity benchmark indices, the BSE Sensex and the NSE Nifty 50, opened at record highs on Tuesday, outperforming Asian peers. Both indexes, however, fell flat later amid selling pressure in bank and infrastructure stocks.
The BSE Sensex scaled yet another record high in the opening trade, jumping 158 points to 37,849, while the Nifty opened above the 11,400 mark, at 11,423.
The Sensex had closed higher by 135.73 points to 37,691.89 on Monday, while the Nifty 50 rose 26.30 points to 11,387.10.
Shares of Hindalco, M&M, pharma companies, Reliance and IT firms surged, while stocks of Adani Group companies, ICICI Bank, Bharti Airtel and private banks dipped. Metal stocks rose on reports of likely capacity cut in China ahead of winters as part of the government’s measures to curb pollution.
Mahindra & Mahindra surged ahead of June quarter results as the automobile company is expected to post profits, particularly in tractor sales with uptick seen in rural demand on the back of a favourable monsoon.
Six out of 19 sectoral indices on the BSE traded in the negative with telecom leading the laggards. BSE Metal was up by 1.53 percent and basic materials and consumer discretionary goods & services also rose by up to a percent.
Midcaps were trading flat on both indexes.
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