Markets snap 4-session gains
Market benchmark BSE Sensex slipped from life high to end marginally lower at 31,145.80 on Wednesday as markets took a breather after four consecutive record-setting sessions. The broader Nifty also settled 3.30 points, or 0.03 per cent, down at 9,621.25. Participants were on a wait-and-watch mode ahead of the GDP numbers for the January-March quarter.
Investors in wait n watch mode ahead of GDP numbers
Mumbai: Market benchmark BSE Sensex slipped from life high to end marginally lower at 31,145.80 on Wednesday as markets took a breather after four consecutive record-setting sessions. The broader Nifty also settled 3.30 points, or 0.03 per cent, down at 9,621.25. Participants were on a wait-and-watch mode ahead of the GDP numbers for the January-March quarter.
The BSE Sensex, which had gained 857.76 points in the previous four sessions, moved in a narrow 148-point band and closed at 31,145.80, down 13.60 points or 0.04 per cent. The index scaled 31,255.28 to breach its previous all- time intra-day high of 31,220.38 hit yesterday.
The 50-share Nifty remained in the positive terrain for the major part of the session and touched a new peak of 9,649.60, breaking its previous record of 9,637.75 hit on May 29. However, it succumbed to profit-booking towards the close and settled 3.30 points, or 0.03 per cent lower at 9,621.25.
Traders said markets were in an ‘over-bought’ position after moving sharply up in the past few sessions, spurred by robust quarterly results of some bluechips and early arrival of monsoons. “Profit booking at record high pulled the market to end flat. DIIs continued their buying spree with positive sentiment on good monsoon while FIIs gradually started to sell with a caution on valuation.
Investors will closely watch Q4 FY17 GDP data today, consensus showing 7.1 per cent growth supported by re- monetisation. Improving fundamentals will provide grip to every consolidation,” said Vinod Nair, Head of Research, Geojit Financial Services.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 366.97 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 217.10 crore on Tuesday, as per provisional data. In other Asian markets, Shanghai Composite Index rose 0.23 per cent, while Hong Kong's Hang Seng shed 0.16 per cent. Japan's Nikkei too shed 0.14 per cent. In Europe, Germany's Frankfurt DAX was up 0.01 per cent, while Paris 30 shed 0.17 per cent in early trades.
