Benchmark indices trade flat after hitting record highs; IT, metal stocks lead decline

Benchmark indices surrendered all initial gains during the afternoon on profit-taking.

Market opened on a positive note amid mixed global cues following strong GDP and fiscal deficit numbers and foreign fund inflow. However, indices erased all gains to trade flat, dragged by losses in IT and metals.

At 1 pm, the BSE Sensex, which narrowly missed the 58,000 mark as it slipped after hitting an intra-day high of 57,918.71, was trading at 57,545.05, down 7.34 points or 0.01 per cent. It hit an intra-day low of 57,277.88. The Nifty 50 was trading at 17,129.95, down 2.25 points or 0.01 per cent, after recording a fresh high of 17,225.75. It hit an intra-day low of 17,075.55.

Nifty 50 September Futures (17,125): Tread with caution

Asian Paints, Axis Bank, Eicher Motors, Titan and Nestle India were the top gainers on the Nifty 50 while Mahindra & Mahindra, Bajaj Finserv, Tata Steel, Infosys and HDFC were the top losers.

Metals, IT under pressure

On the sectoral front, all indices except Nifty IT and Nifty Metal were in the green. While realty, banking and consumer durables gained.

Nifty IT was down 1.19 per cent while Nifty Metal was down 1.05 per cent.

Meanwhile, Nifty Realty was up 3.84 per cent. Nifty Bank was up 0.98 per cent. Nifty Private Bank and Nifty PSU Bank were up 0.92 per cent and 0.98 per cent, respectively. Nifty Consumer Durables was up 2.24 per cent.

Sensex surges over 200 pts to hit fresh record, later corrects

Broader indices

As for broader indices, Nifty Midcap 50 was up 0.71 per cent while Nifty Smallcap 50 was down 0.05 per cent. The S&P BSE Midcap was up 0.72 per cent, while the S&P BSE Smallcap was up 0.24 per cent.

The volatility index was up 1.17 per cent to 14.69.

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