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Market takes a pause; Nifty off record high

Market takes a pause Nifty off record high The benchmark Nifty retreated from its overnight historic high and edged lower by 21 points as investor caution triggered modest profit-taking on the National Stock Exchange (NSE) today.

Technology, financial, energy and metal stocks, including frontline heavyweights, mainly fell prey to fresh bouts of selling.

On the other hand, strong buying momentum in defensive sectors like FMCG, healthcare along with auto prevented the market from a major fall.

The 50-share index conquered another new milestone of 8,173.90 yesterday before pausing for breath today.

After a weak start, the benchmark index drifted gradually into a correction mode as local investors preferred to book some profits ahead of key macro data this week. But the market witnessed smart recovery towards the tail-end following renewed buying interest in select stocks.

Lacklustre trading across Asia and overnight fall in the US markets also impacted local sentiment to some extent.

Barring Japan’s Nikkei, which extended gains for a second day, other indices finished lower. South Korea and Hong Kong bourses were closed for the mid-autumn festival.

The Nifty dropped 20.95 points, or 0.26 per cent, over the last close, to settle at 8,152.95 over its last close. The NSE benchmark scaled a new peak of 8,174.55 in intra-day trading before sliding.

Of the 50 shares on Nifty, 28 declined while 22 rose.

ICICI Bank, Infosys, L&T, ONGC, Reliance, TechM, TCS, HCL Tech, Sun Pharma, Bajaj Auto, Asian Paints, Hero Moto, Wipro and BHEL were the biggest index losers.

The gainers included ITC, Tata Motors, Cipla, HUL, M&M, Coal India, Bharti Airtel, Lupin and HDFC bank.

Turnover in the cash segment dropped to Rs 15,782.36 crore from Rs 17,787.58 crore yesterday. A total of 9,158.01 lakh shares changed hands in 68,02,822 trades, while market capitalisation stood at Rs 94,31,899 crore.

– PTI