17
Tuesday
September 2019
10:28 AM IST
News Headlines
Pakistan recall Umar Akmal, Ahmed Shehzad for uncertain Lanka series        Kohli holds on to 2nd spot as Smith retains number one position in ICC Test Rankings        Steve Smith 'proud' after summer of Ashes redemption        Some 46,000 General Motors auto workers strike in US        Sensex cracks nearly 300 pts; oil and gas stocks tank        Trump to join Modi in Houston to address 50K Indian-Americans, says White House        Car bomb kills 11 civilians in northern Syria: monitor        PM to visit Narmada dam on b'day to mark highest water level feat        Bribery case: CBI inspector surrenders before ACB        Centre should release funds for MP flood relief: Scindia        Cong, NCP to contest 125 seats each in Assembly polls: Pawar        21 Indians killed in 2,050 ceasefire violations by Pak this year: MEA        Government to rebuild Palarivattom flyover        CM demands PSC questions in Malayalam        Sourabh wins Vietnam Open Super 100 title        England close in on Ashes-levelling win after Broad double        Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal        SBI to move RBI to offer fixed-floating rate home-loans: Chairman        Hong Kong returns to violence with tear gas and Molotovs        36 people missing after boat sinks in Congo river: DRC police        
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Business News
Indices off record highs; Sensex trips 383 pts on profit-booking
 
Mumbai, May 21 (PTI) Benchmark indices took a U-turn from record high levels touched during early trade on Tuesday, with the BSE Sensex tripping nearly 383 points and the NSE Nifty shedding over 119 points as investors hurried up to book profits.

On Monday, both the benchmarks Sensex and Nifty had seen their best single-session gains in 10 years in absolute terms -- rising 1,422 and 421 points, respectively. In percentage terms, indices had logged their biggest one-day gains in six years.

Starting off on a bullish note on Tuesday, the BSE Sensex marked its life-time high of 39,571.73 in the early trade and the NSE Nifty too hit its record high at 11,883.55 in opening deals.

However, an intense selling emerged across sectors as the session progressed after market participants sensed that exit polls euphoria over Narendra Modi-led NDA's likely win has already been factored in appropriately.

Sectorally, auto, telecom, metal, teck and banks were among the top losers.

In the Sensex pack, Tata Motors was the biggest loser, dipping 7.05 per cent, a day after the company posted a 49 per cent decline in March quarter profit.

Other major laggards were Maruti, IndusInd Bank, Bharti Airtel, Mahindra and Mahindra, PowerGrid, SBI and Tata Steel -- losing as much as 3.25 per cent.

On the other hand, RIL, HUL and Bajaj Finance ended in the green, rising up to 1.08 per cent.

After hitting an intra-day record high, the 30-share index ended 382.87 points, or 0.97 per cent, lower at 38,969.80. The gauge hit the day's low of 38,884.85.

In a similar movement, the broader NSE Nifty dropped 119.15 points, or 1.01 per cent, to settle the day at 11,709.10.

The broader BSE midcap and smallcap indices ended in the red in line with benchmarks, falling up to 0.84 per cent.

"Market gave up the gains after testing a new high as the positive sentiment on exit polls is gradually priced-in. Pre-election rally may continue if the election verdict comes in tandem with exit polls where quality mid and small caps will out-perform. Additionally, the downside risk in the market is likely to be protected in the near term supported by extension in economic reforms and pick up in earnings. On the other hand, the global peers are trading in a positive note with signs of ease in trade tensions," Vinod Nair, Head of Research, Geojit Financial Services, said.

The Monday's rally came after a majority of exit polls forecast another term for Prime Minister Narendra Modi. The results of the seven-phase polls will be announced on May 23.

Meanwhile, the Indian rupee fell marginally by 2 paise to close at 69.72 against the US dollar.

Brent crude, the global benchmark, was trading at 72.01 per barrel, higher by 0.04 per cent.

Globally, bourses in Asia ended on a mixed note, while those in Europe were trading in the green in their respective early deals.


Some 46,000 General Motors auto workers strike in US
Sensex cracks nearly 300 pts; oil and gas stocks tank
Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal
SBI to move RBI to offer fixed-floating rate home-loans: Chairman
Inflation under control, clear signs of revival in factory output: FM
China to lift punitive tariffs on US soybeans, pork
Exports decline 6 pc; imports dip 13.45 pc
Retail inflation inches up to 10-month high of 3.21 pc in August
India & Qatar to focus on hydrocarbon sector: Pradhan
Samruddhi Corridor: MSRDC ties up loans of Rs 28,000 crore
Just 19 pc employers in India bullish on hiring in Oct-Dec qtr: Survey
Alibaba's Ma steps down as industry faces uncertainty
Ahead of festivals, SBI again cuts lending rates by 10 bps
Sensex drops over 150 pts; bank, auto stocks drag
15th Finance Commission holds meeting with Raj bodies, industry
PNB puts up for sale 11 NPA accounts to recover dues of Rs 1,234 cr
States to be key drivers of growth for making India USD 5 trillion economy: Niti CEO
FinMin sets up task force to identify infra projects for Rs 100 lakh cr investment
To create jobs, C'garh govt reduces land rates for industries
India's domestic market for computer services to grow faster than exports: UN report
KERALA NEWS
Government to rebuild Palarivattom flyover
 Thiruvananthapuram: The state government has decided to demolish and rebuild Palarivattom flyover as  
CM demands PSC questions in Malayalam
Tipplers guzzle Rs 487 crore worth liqour during onam
candidate selection for Pala by-election is an internal matter of KC(M): Chandy
INTERNATIONAL NEWS
Trump to join Modi in Houston to address 50K Indian-Americans, says White House
 Washington: US President Donald Trump will join Prime Minister Narendra Modi at Houston's mega "Howd
Car bomb kills 11 civilians in northern Syria: monitor
Hong Kong returns to violence with tear gas and Molotovs
36 people missing after boat sinks in Congo river: DRC police
NATIONAL NEWS
PM to visit Narmada dam on b'day to mark highest water level feat
 Ahmedabad: Prime Minister Narendra Modi, who turns 69 on Tuesday, will visit the site of the Gujarat
Bribery case: CBI inspector surrenders before ACB
Centre should release funds for MP flood relief: Scindia
21 Indians killed in 2,050 ceasefire violations by Pak this year: MEA
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