Market succumbs to profit booking after hitting fresh highs; L&T biggest gainer : Bulletin: Business Today
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Market succumbs to profit booking after hitting fresh highs; L&T biggest gainer

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August 23, 2018

Sensex and Nifty continued their winning run for the fourth straight session on buying in L&T, RIL and NTPC stocks despite escalating trade war tensions.

The 30-share Sensex scaled an all-time (intra-day) high of 38,487 in early trade.

However, it succumbed to profit booking to slip to 38,227, before finally ending at 38,336 points, up 51.01 points, or 0.13 per cent.

It bettered its previous record closing of 38,285 reached on August 21.

The index has gained 622 points in the previous three sessions.

The Nifty also rose 11.85 points to finish at 11,582, surpassing its previous record closing of 11,570 hit on August 21.

Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a proposal to buy back six crore shares amounting to Rs 9,000 crore.

Reliance Industries became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. RIL shares rose 1.86 per cent to hit a record high of Rs 1,269.70.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 254.25 crore and domestic institutional investors (DIIs) bought equities worth Rs 197.87 crore on Tuesday, provisional data showed.

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