" /> My Title page contents
Home -> News -> Business -> Nifty slips after hitting new high; energy stocks fall

Nifty slips after hitting new high; energy stocks fall

Nifty slips after hitting new high energy stocks fall The NSE benchmark Nifty retreated from its lifetime peaks and ended lower by 32 points as extreme investor caution over Tuesday’s RBI policy meet triggered some profit-taking amid weak overseas sentiment.

Disappointing macro-economic data from world’s biggest economies as well as sharp slide in commodities across the spectrum aftermath of oil plunge, causing nerves in equity markets.

Fresh concerns of slowing global economic growth on the back of weak Chinese manufacturing and German data also aggravated the investors’ concerns.

Market suddenly turned highly volatile and succumbed to profit-taking in late afternoon session after conquering historic highs as traders preferred to sit on sidelines and booked some profit ahead of the RBI’s much-awaited monetary policy review tomorrow.

Better-than-expected Q2 GDP growth and manufacturing sector output data against the backdrop of sliding crude oil prices provided some relief.

The 50-share bellwether index declined 32.35 points, or 0.38 percent to conclude at 8,555.90, over its last close. It scaled a fresh lifetime peak of 8,623 in early trade.

Elsewhere in Asia, equities slumped for the third straight session with Hong Kong market plunging nearly 3 percent as energy stocks took a plunge following last week’s OPEC’s decision refrain from cutting output despite a huge supply glut. While Japan’s benchmark index rallied to fresh seven-year high.

Heavy unwinding was seen in frontline energy stocks, predominantly in India’s two largest oil and gas exploration companies ONGC and Reliance Industries, sliding over 3 percent with heavy volumes.

Other major laggards included HDFC, L&T, HDFC Bank, M&M, Power Grid, Hindalco, Tata Steel, BHEL, Sesa Sterlite, Bharti Artel, SBI, NTPC, Gail, Infosys, Lupin, Zee and NMDC.

However, Asian Paints hogged limelight among the Nifty stocks, surging 7 percent. Heromotoco, DLF, Indusind, HUL, TCS, Axis Bank, Cipla, Maruti and Wipro were other gainers.

Turnover in the cash segment dropped to Rs 17,352.2 crore from Rs 21,126.67 crore last Friday. A total of 7,812.15 lakh shares changed hands in 72,41,110 trades, while market capitalisation stood at Rs 97,08,991 crore.