D St retreats from record highs on profit booking

Mumbai: Equity benchmarks Sensex and Nifty pared early gains to close lower on Monday as investors offloaded telecom, power and utility stocks amid a bearish trend in global markets and profit booking. Besides, intense selling in Reliance Industries, ICICI Bank and Kotak Bank counters also hit investor sentiments, traders said.

After hitting its lifetime high on Friday, the 30-share BSE index fell 216.28 points or 0.34 per cent to settle at 63,168.30. During the day, it declined 336.75 points or 0.53 per cent to 63,047.83. The NSE Nifty went lower by 70.55 points or 0.37 per cent to end at 18,755.45. The index registered its lifetime peak of 18,826 on Friday.

“There was accelerated selling, particularly in the afternoon trade, dragging the key indices from record highs. “Indian equities shied away from closing at all-time high levels amid profit-booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China’s rate decision and the Fed chair’s testimony,” said Vinod Nair, Head of Research at Geojit Financial Services.

Accelerated Selling

l BSE index fell 216.28 pts or 0.34% to 63,168.30

l During the day, Sensex declined 336.75 pts or 0.53% to 63,047.83

l NSE Nifty went lower by 70.55 pts or 0.37% to 18,755.45

l Mostly pvt banks led the selling spree

l Global markets also took a breather after a strong rally last week

l Investors awaiting China’s rate decision, outcome of US-China talks