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Nifty climbs Mount 10K, but retreats
After months of anticipation, the key Indian equity index - NSE Nifty 50 - climbed the 10,000-point-mark on Tuesday for the first time in its almost 22-year history.
Mumbai: After months of anticipation, the key Indian equity index - NSE Nifty 50 - climbed the 10,000-point-mark on Tuesday for the first time in its almost 22-year history.
However, the index, which was formed in November 1995, was dragged lower from its peak by profit booking and expensive valuations.
The index breached the 10,000 mark during the day's early trade session at 9.15 am and hit an all-time high of 10,011.30 points, led by stronger-than-expected earnings by blue-chips and continuous buying by foreign funds and domestic institutions.
It took the index 4.3 months to move from 9,000 points to 10,000 points. The 9,000 level was achieved in March 2017 in a duration of 2.8 years from 7,000 points level.
But a wave of profit-booking dragged the gauge down by 1.85 points, or 0.02 per cent, to settle at 9,964.55 on Tuesday. Steady monsoon progress and smooth GST take-off had helped both the key indices scale historic highs, traders said.
The flagship Sensex climbed to a fresh life high of 32,374.30 before closing down 17.60 points, or 0.05 per cent, at 32,228.27. In the last two trading sessions, Sensex had gained 341.47 points. “Market made a historical day by touching 10k supported by better earnings from blue-chips and strong liquidity.
However, profit booking at higher levels pulled the market to mild correction due to psychological effect, muted Q1 results for midcaps and awaiting Fed monetary policy meet,” said Vinod Nair, Head of Research, Geojit Financial Services.
Participants also looked up to US Federal Reserve policy meeting later Tuesday. Key indices in the Asian region lay low.
Domestic institutional investors (DIIs) bought shares worth Rs 668.87 crore while foreign portfolio investors (FPIs) sold shares to the tune of Rs 366.84 crore yesterday, showed provisional data.The capital goods index fell the most. Auto, healthcare and FMCG too weighed. Sectoral indices such as metal, realty and banking finished higher.
