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Markets in range-bound trading as investors stay on sidelines
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.
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 index opened higher and jumped 575.71 points or 0.70 per cent to hit a new intra-day record peak of 81,908.43 in late morning deals following a decline in US bond yields. However, investors preferred to book profits at record high levels amid high volatility dragging the index lower to close flat. The NSE Nifty ended marginally up 1.25 points or 0.01 per cent at an all-time closing high of 24,836.10. During the day, it surged 164.9 points or 0.66 per cent to hit a fresh lifetime peak of 24,999.75.
“An ease in the US personal consumption expenditure to 2.5 per cent and the subsequent drop in the US 10-year yield have fuelled optimism that the Fed might cut rates in September, leading to a global rally. However, profit-booking was triggered in the domestic market given trading in the overbought territory and closed flat,” said Vinod Nair, head (research), Geojit Financial Services.
In the broader market, the BSE smallcap gauge jumped 1.17 per cent and the midcap index climbed 0.80 per cent.
