Nifty recoils from record high

Mumbai: Benchmark stock indices Sensex and Nifty edged lower in a volatile trade on Friday, reversing early gains due to selling in IT and select banking shares. The 30-share BSE Sensex slipped 15.44 points or 0.02 per cent to close at 73,142.80 points with 17 of its constituents closing in the red and 13 in the green. The index opened higher, but later slipped into losses due to profit-taking by investors. The barometer oscillated between a high of 73,413.93 and a low of 73,022 during the day. The broader Nifty of NSE closed lower by 4.75 points or 0.02 per cent at 22,212.70 points as gains in FMCG, pharma and financial shares were offset by losses in IT and private bank shares. The 50-share barometer scaled a record high of 22,297.50 in intra-day trade.

“Nifty opened higher, but failed to sustain the morning momentum, leading to a closing at the day’s low due to profit booking,” said Rupak De, senior technical analyst, LKP Securities. “The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets,” said Vinod Nair, head (research), Geojit Financial Services.

The capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. BSE Midcap advanced 0.25 per cent while Smallcap rose by 0.53 per cent. Among sectoral indices, BSE Oil & Gas dropped by 0.81 per cent, BSE Metal by 0.33 per cent, BSE Energy by 0.36 per cent and Bankex 0.29 per cent. On the other hand, BSE Industrials spurted by 1.22 per cent, Telecommunications by 1.52 per cent, Capital Goods by 1.18 per cent, and Consumer Durables 0.76 per cent.