Benchmark stock market indices ended the trading session on a weak note after hitting record highs in early trade.
The S&P BSE Sensex ended 264.27 points lower at 85,571.85, while the NSE Nifty50 settled 37.10 points lower at 26,178.95.
Most of the other broader market indices fell during the trading session.Among sectoral indices, high-weightage Nifty Bank and Nifty Financial Services ended the session with deep cuts, but Nifty IT gained 0.36%. Nifty Pharma was the top gainers, rising 1.15%.
The top five gainers on the Nifty50 were BPCL, Cipla, Sun Pharma, Divi’s Lab and Reliance.
On the other hand, the top losers were Power Grid, Bharti Airtel, HDFC Bank, ICICI Bank and Hero MotoCorp.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Following the recent impressive surge, the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels.”
The Chinese market saw sharp gains amidst mixed Asian sentiments, given economic stimulus and attractive valuation, Nair noted.
Nair said, “Metals stocks saw a resurgence, while the Pharma and IT sectors saw an uptick on account of weakness in INR. Meanwhile, investors are looking forward to the Q2 earnings report, anticipating improvement in earnings outlook.”
