Sensex, Nifty retreat from record highs on profit taking

Mumbai: Benchmark stock indices Sensex and Nifty retracted from lifetime highs to settle lower on Friday due to profit-taking in frontline stocks HDFC Bank and ICICI Bank.

The BSE Sensex declined 264.27 points or 0.31 per cent to settle at 85,571.85. During the day, it climbed 142.13 points or 0.16 per cent to reach a new record intra-day peak of 85,978.25 in morning session. Snapping its six-day rally, the NSE Nifty dipped 37.10 points or 0.14 per cent to 26,178.95 after rising 61.3 points or 0.23 per cent to an all-time intra-day high of 26,277.35 during the day.

“Following the recent impressive surge, the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels,” said Vinod Nair, head (research), Geojit Financial Services.

The BSE midcap gauge climbed 0.29 per cent, while smallcap advanced 0.07 per cent.

“The markets traded flat, showing little movement despite favourable global cues. An early rebound in the IT sector briefly lifted the index, but gains were short-lived. A mixed performance among heavyweight stocks kept the market’s momentum in check,” added Ajit Mishra, Sr V-P (research), Religare Broking Ltd.

However, losses in banking and FMCG shares dragged the index into negative territory in late afternoon trade.