Market update: Sensex closes 12 points lower; Nifty logs fresh closing peak

The benchmark Bombay Stock Exchange (BSE) Sensex retreated from record highs to close 12 points lower due to profit booking in recent gainers, mainly capital goods, metal, auto and banking stocks.

The broader 50-share Natonal Stock Exchange (NSE) index Nifty managed to log a fresh closing peak of 8,914.30 amid a mixed trend in global markets.

Intra-day, both Sensex and Nifty hit fresh lifetime highs of 29,786.32 and 8,985.05 points respectively. However, the indices pared gains later due to profit booking at record levels, brokers said.

Traders adopted a cautious stance ahead of the monthly expiry in the derivatives segment on Thursday and were seen trimming their positions at record levels, brokers said.

Weakness in some of the heavyweight counters like Bharti Airtel, Sesa Sterlite, L&T, Tata Motors, BHEL, Tata Steel, Tata Power, Hindalco and Sun Pharma dragged the benchmark Sensex down from record highs.

However, gains in HDFC, RIL, SBI, Maruti Suzuki, ITC, TCS and ONGC restricted the fall.

The 30-issue BSE barometer dropped to an intra-day low of 29,417.67 points in late afternoon deals on across-the-board profit booking. The gauge finally settled at 29,559.18 points, down by 11.86 points (or 0.04 per cent) over its previous close on Tuesday.

The Sensex has rallied 2,224.22 points (or over 8 per cent) in the previous eight straight sessions on sustained foreign fund inflows, triggered by positive macroeconomic data and a surprise rate cut by the Reserve Bank of India (RBI).

The NSE Nifty, in highly volatile movements, gained 3.80 points (or 0.04 per cent) to close at a new record high of 8,914.30, bettering its previous closing peak of 8,910.50 on Tuesday. The index shuttled between 8,874.05 and 8,985.05 during the day.

Overall market breadth remained positive on persistent buying by retail investors in second-tier stocks.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 953.50 crore on Tuesday, provisional data showed.

Most Asian markets ended higher while European markets were lower in their opening trade.