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Closing bell:
The BSE Sensex retreated from record highs to close 37 points lower on Wednesday due to profit booking in banking and infrastructure stocks by cautious investors after the recent rally.
The 30-share barometer closed lower by 37.40 points or 0.08 per cent at 44,618.04.
The broader NSE Nifty edged higher by 4.70 points or 0.04 per cent to end at its fresh record high of 13,113.75.
Banking stocks bore the brunt of profit selling ahead of the RBI policy announcement this week. Kotak Bank was the top loser among Sensex stocks, dropping by 3.28 per cent.
HDFC Bank declined by 1.86 per cent, HDFC by 1.28 per cent and ICICI Bank by 0.99 per cent. SBI fell 0.5 per cent while Bajaj Finance by 0.72 per cent.
Larsen & Toubro dropped 0.16 per cent.
Markets had opened with losses as investors were cautious over a possible US stimulus package. However, the UK’s approval for the Pfizer Covid-19 vaccine cheered investors helping the indices to limit losses, analysts said.
Among major gainers, ONGC rose the most by 4.11 per cent, followed by Asian Paints (3.74 per cent) and Titan (3.48 per cent). Auto stocks gained after the companies reported sales growth in the domestic market in November, aided by robust offtakes amid the festival season.
Bajaj Auto rose by 2.86 per cent, Mahindra and Mahindra by 2.53 per cent and Maruti Suzuki by 1.47 per cent.
IT major TCS and Infosys recovered from early lows to close higher by 0.81 per cent and 0.33 per cent, respectively.
Nifty call:
Strategy: Sell on rallies with a stop-loss at 13,130 levels
Supports: 13,065 and 13,050
Resistances: 13,125 and 13,145
Company update:
Shares of Tata Motors jumped over 4 per cent in early trade on Wednesday after the firm’s total vehicles sales in the domestic as well as international markets grew 21 per cent in November.
The stock gained 4.22 per cent to Rs 187.30 on the BSE. At the NSE, it rose by 4.22 per cent to Rs 187.35.
Rupee call:
Following a positive close last session, the rupee opened with a gap-up today and it is currently hovers at 73.50. The price action of the currency pair USDINR hints at further strengthening of INR and moreover, the dollar index indicates a weak dollar. Hence, traders can initiate fresh rupee longs in intraday dips with a stop-loss at 73.70.
Supports: 73.70 and 73.85
Resistances: 73.30 and 73.15
Rupee open:
Rupee surges by 25 paise to 73.43 against US dollar in early trade.
Update:
The shares pulled back on Wednesday from record closing highs hit in the previous session, with banking stocks slipping ahead of a top court hearing on loans under moratorium.
The NSE Nifty 50 index fell 0.1 per cent to 13,095.55, while the benchmark S&P BSE Sensex was down 0.18 per cent at 44,576.51.
Both indexes had gained more than 1 per cent on Tuesday, after a sharp rally in November on hopes for a coronavirus vaccine.
The Nifty Banking Index slipped 0.4 per cent, with top private-sector lender HDFC Bank Ltd down 0.8 per cent.
The Supreme Court is set to hear a case on waiving interest on loans under moratorium on Wednesday, with banks hoping that the apex court will not offer any more reprieve to borrowers.
Reliance Industries, fell 0.8 per cent, while a rise of nearly 4 per cent in Tata Motors Ltd after reporting higher November sales helped limit losses in the Nifty 50.
Fast food restaurant chain Burger King's India arm opened its 8.1 billion rupees ($110.34 million) initial public offering for subscription on Wednesday. (Reuters)
Opening bell
Just like the other global markets, the local benchmark indices Sensex and Nifty opened in negative zone today.
Sensex dropped by 60.37 points to 44,595.07 in opening trade, while Nifty slipped by 15.30 points to 13,093.75.
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