May 22, 2018

Bank Nifty few points away from life-time high

14 July 2017, 03:46 | Winifred Adams

BSE Sensex hits 32,100 while Nifty crosses 9,900 points

BSE Sensex hits 32,100 while Nifty crosses 9,900 points

Indian shares snapped a four-day record setting spree to end marginally lower on Friday as investors digested mixed earnings updates from TCS and Infosys and looked ahead to earnings from major US banks, including JPMorgan Chase, Citigroup and Wells Fargo due later in the day for further direction.

The 30-scrip Sensitive Index (Sensex) of the BSE touched a record high of 32,109.75 points during intra-day trade.

There was heavy selling at the TCS counter, which yesterday reported a 5.9 per cent decline in consolidated net profit at Rs 5,945 crore.

Top five Sensex gainers were Kotak Bank (+1.46%), Cipla (+1.01%), Sun Pharma (+0.94%), Bharti Airtel (+0.72%) and Reliance (+0.47%), while the major losers were TCS (-1.92%), Coal India (-0.99%), Tata Motors (-0.99%), L&T (-0.95%) and ITC (-0.92%).

The Sensex ended in red, down 0.05% at 32,020.75 points and the broader Nifty 50 too closed down 0.05% at 9,886.35 points.

"Participants are feeling bit relieved after the IT majors' result amid expectation of bad quarter, but it's just a beginning of earning season".

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Most Asian stocks were trading higher in anticipation of United States inflation data and earnings from some large banks.

At 1112 hours, the TCS stock was trading 1.90 percent or 47 points lower at Rs 2,397 level on the BSE.

Markets took a breather after four back to back record-setting sessions as the benchmark Sensex today hit an all-time high of 32,110 but ended with a paltry loss.

Among sectoral indices, BSE utilities (up 1.08 per cent) gained the most with RattanIndia Infra, GAIL and Lanco Infratech surging up to 7 per cent. On the other hand, healthcare index was up 0.93 per cent and consumer durables 0.08 per cent.

In the European market, the pan-European STOXX 600 index rose 0.1 per cent while euro zone bluechips were little changed, Reuters reported.

Japan's Nikkei rose 0.22 per cent while Hong Kong's Hang Seng index was up 0.03 per cent. Shanghai Composite fell 0.22 per cent in early trade.

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