1 year ago. Mumbai, Maharashtra, India

Sensex opens at lifetime high, but falls in early trade amid profit-booking

On Thursday, Sensex opened at its lifetime peak of 54,576.64
The 30-share index then turned flat, slipping 8.33 points or 0.02% to 54,361.44
The top gainers were Bharti Airtel, Tech Mahindta, Kotak Bank and Tech Mahindra

Equity benchmark Sensex continued its bull run on Thursday and opened 200 points higher amid a mixed trend in global markets. But the initial gains were soon pared on profit booking.

After opening at its lifetime peak of 54,576.64, the 30-share index turned flat, slipping 8.33 points or 0.02% to 54,361.44.

There was similar movement in the broader NSE Nifty, which fell by 8.95 points or 0.06% lower in early trade. At 10am, it was trading at 16,249.85.

Also read: What is behind stock market surge and how long will it last?

The top gainers in the 30-share Sensex were Bharti Airtel, Tech Mahindra, Kotak Bank and Tech Mahindra.

On the other hand, IndusInd Bank was the top loser, shedding around 2%, followed by Titan, Tata Steel, M&M, Bajaj Finance and SBI.

In the previous session, Sensex rallied 546.41 points or 1.02% to end at its new record of 54,369.77, and Nifty surged 128.05 points or 0.79% to its all-time peak of 16,246.85.

This rally comes after months of pessimism at the stock market, pulled down by slow growth, falling manufacturing and loss of jobs.

According to provisional exchange data, Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 2,828.57 crore on Wednesday.

Domestic equities look to be flat as of now. Sharp rebound in market in last two trading days was not broad-based and sharp rebound in heavyweight financials contributed to rally, said Binod Modi Head-Strategy at Reliance Securities.

However, huge profit-booking in mid-cap and small-cap stocks was visible, he said, adding that going forward, given sharp improvement in key economic indicators like GST collection and auto sales volume, "we believe strong momentum of corporate earnings recovery may sustain in subsequent quarters".

Elsewhere in Asia, bourses in Shanghai and Tokyo were trading with gains in mid-session deals, while Hong Kong and Seoul were in the red.

Equities on Wall Street largely ended on a negative note in overnight trade.

Meanwhile, international oil benchmark Brent crude advanced 0.38% to $70.65 per barrel.

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Sensex opens at lifetime high, but falls in early trade amid profit-booking

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