Market snaps 7-day winning run on profit-booking; ITC tanks over 6%

Market snaps 7-day winning run on profit-booking; ITC tanks over 6%

MUMBAI: Snapping their seven-session rising streak, equity benchmarks sensex and Nifty ended with marginal losses on Tuesday as investors booked profits at record levels.
After touching its lifetime high of 62,245.43 during the session, the 30-share BSE sensex settled 49.54 points or 0.08 per cent lower at 61,716.05.
Similarly, the Nifty shed 58.30 points or 0.32 per cent to close at 18,418.75. It touched a new intra-day record of 18,604.45 in early deals.
ITC was the top laggard in the sensex pack, tanking over 6 per cent, followed by HUL, Titan, Tata Steel, UltraTech Cement and PowerGrid.
On the other hand, Tech Mahindra, L&T, Infosys, Bajaj Finserv, Kotak Bank and HDFC Bank were among the gainers.
“Indices met with profit taking even as the IT Index stood tall through the day which indeed had several bouts of volatility,” said S Ranganathan, head of research at LKP Securities.
Market breadth too was weak with declines outpacing advances led by the big names of the FMCG sector as the street awaits a slew of primary market offerings in the near term, he noted, adding that the broader markets clearly witnessed profit booking in several top performing midcap names.
Elsewhere in Asia, bourses in Hong Kong, Shanghai, Seoul and Tokyo ended with gains.
Stock exchanges in Europe were largely trading on a positive note in the afternoon session.
International oil benchmark Brent crude rose 0.66 per cent to $84.89 per barrel.
The domestic currency market was closed on account of ‘Id-E-Milad’ holiday.

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