Sensex retreats from record on late sell-off, ends in green
- Author: Neal Todd Jun 23, 2017,
Jun 23, 2017, 0:12
Meanwhile, the Nifty was trading higher by 28.05 points or 0.29% at 9,661.65 with 38 components gaining.
Mumbai: The flagship Sensex on Thursday rallied 211 points to hit an all-time high of 31,494, lapping up a series of market-friendly measures taken by the Securities and Exchange Board of India (Sebi).
There was also a spell of taking profit off the table, which pulled the index down.
Similarly, Nifty too witnessed a steep fall from its day's high of 9,698.85, to end the day at 9,630.
USA stocks closed mostly lower on Wednesday, but techy-heavy index Nasdaq bucked the trend to close at 6,233 with gains of 45 points.
During the session, it breached the previous lifetime high of 31,430.32, reached on June 6.
After two days of correction, the Indian equity markets surged to trade at a new high during the mid-afternoon session on Thursday.
Reliance Industries was the top gainer in Nifty up 1.2 per cent. The S&P BSE mid-cap index was down 0.59 per cent and the small-cap index by 0.54 per cent. It also relaxed open offer rules for investors buying distressed companies from banks to tackle mounting debt.
Zee Entertainment Enterprises, Ambuja Cement, HDFC, Aurobindo Pharma and Sun Pharma were among the prominent gainers in the Nifty pack, while oil and metal stocks led the decliners on worries about the outlook for global growth at a time when the U.S. Federal Reserve continues to tighten monetary policy.
Overseas, European stocks edged lower as investors reacted to falling oil prices and ongoing weakness in commodities-related sectors. Key indices in Asia like China's Shanghai Composite Index shed 0.28 per cent, Japan's Nikkei shed 0.14 per cent, Hong Kong's Hang Seng was down 0.08 per cent.