Podcast: Sensex, Nifty snap record run, close lower on profit-booking : Bulletin: Business Today
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Podcast: Sensex, Nifty snap record run, close lower on profit-booking

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August 29, 2018

The BSE Sensex closed lower, snapping its two-day record-closing run largely due to losses in key energy stocks of Reliance Industries and Coal India. The 30-share index hit an all-time intra-day high of 38,989 at the outset but the market lost steam as investors preferred to book gains after the recent rally.

The BSE index settled at 38,722 points, down 173.70 points, or 0.45 per cent over the last close.

Nifty index too finished lower by 46.60 points or 0.40 per cent in choppy trade at 11,691.

Reliance Industries snapped its seven-day winning run to close down by 1.8 per cent even as its daily trading volume soared 1.5 times to 5.71 lakh against two-week average of 3.78 lakh.

Coal India fell the most by 2.58 per cent among Sensex scrips, dragging the index into the negative zone.

Infosys, HDFC Bank, Yes Bank and IndusInd Bank also declined due to profit booking.

The rupee plunged to all-time low of 70.65 to the US dollar in day trade on heavy month-end dollar demand from importers and foreign capital outflows.

The local currency fell 49 paise or 0.70 per cent to close at 70.59 to the dollar at the interbank foreign exchange market, logging its biggest single-day drop since August 13 when it nosedived 110 paise or 1.6 per cent.

PowerGrid, NTPC, Asian Paint, Vedanta, HUL, Axis Bank, Maruti Suzuki, Adani Ports, Bharti Airtel, L&T, HDFC and Sun Pharma lost up to 1.58 per cent.

In contrast, ONGC emerged top gainer by surging the most 1.58 per cent, while SBI rose 1.54 per cent.

Sectorally, the BSE energy emerged as the worst performer, sliding 1.13 per cent. The broader markets outperformed benchmarks as the mid-cap index rose 0.47 per cent and small-caps gained 0.05 per cent.

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