Markets trade in red, Sensex down 123 pts
- Author: Zachary Reyes May 29, 2017,
May 29, 2017, 17:10
Stocks kept the record-breaking touch intact for the third day as the Sensex today closed at a fresh life high of 31,109 while the Nifty settled above 9,600 for the first time ever as ample liquidity gave buying a lift.
Reliance Industries gained 1.55 percent whereas ICICI Bank, Infosys, SBI and Axis Bank declined 1-2 percent. Valuations may remain high in short term, they feel.
The share benchmarks-Sensex and Nifty-came off their peak after hitting record high as real estate, power and capital goods stocks trading in the red.
Markets remained cautious after North Korea's latest missile test but there was no major concern.
It closed up 81.07 points, or 0.26 per cent, at a newpeak of 31,109.28, breaching its previous record closing of31,028.21, reached on May 26.
Domestic institutional investors (DIIs) have been supporting the ongoing rally by pumping sizeable funds into markets. The stock has traded on afresh 52week low of Rs 493 per share on BSE. The broader markets were witnessing selling pressure with BSE mid-cap and small-cap indices down 0.5 per cent each.
New Delhi, May 29 Shares of IT firm Tech Mahindra today dropped almost 12 per cent, eroding Rs 4,849.8 crore from its market valuation, after the company reported a 31 per cent decline in consolidated net profit for the March quarter of last fiscal. Reliance Communications was the top Nifty loser, down 10 per cent at Rs 23.35.
Tech Mahindra's board of directors have recommended a dividend of Rs 9 per share on par value of Rs 5 (180%) for the financial year ended March 31, 2017.
European stocks were a tad lower in the early part.
Among others, HDFC (up 3.3 percent), HUL (up 3.54 percent), ITC (up 2.38 percent), Hindalco (up 1.39 percent), Maruti Suzuki (up 0.85 percent) and IndusInd Bank (up 0.64 percent) hit fresh 52-week highs during the day while Lupin (down 0.23 percent) and Aurobindo Pharma (down 3.67 percent) hit new 52-week lows.
London's FTSE was closed for a public holiday.