Sensex gets off record high, dives 222 points

Riding on Modi euphoria and positive sentiment the Sensex jumped 26.78% while the Nifty was up 32.06% in three years ended 16 May 2017

Sensex gets off record high, dives 222 points

On Tuesday, the NSE Nifty had closed at a high of 9,512.25 points and an intra-day high of 9,517.20 points, while the BSE Sensex had closed at a high of 30,582.60 points and intra-day high of 30,591.55 points.

The Sensex resumed higher at 30,616.53 and hovered between 30,642.94 and 30,519.14. Gross and net performing assets as a percentage of total advances stood at 13.09 percent and 8.92 percent, respectively. HUDCO shares up 22 per cent at 73.45 in pre-market session. S&P 500 gained 0.37% to 2,365 points on better economic data.

The 30-share index stayed in the negative zone throughout the session and hit a low of 30,393.72, before settling at 30,434.79, down 223.98 points or 0.73 per cent. ITC was the top Nifty gainer, up 4 per cent at Rs 289.

Coal India rallied 2.62 per cent, followed by NTPC and PowerGrid.

Wipro, TCS, Infosys, Lupin, Sun Pharma and Asian Paints made headway on sustained buying and cushioned the fall.

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Likewise, the 50-scrip NSE barometer Nifty slipped from its all-time high to finish at 9,429.45, down 96.30 points, or 1.01 per cent. The government on Thursday finalised Goods and Services Tax rates for substantial items clearing a major hurdle towards July 1 rollout of much awaited nationwide Goods and Services Tax.

Today, IRB InvIT Fund will make its stock market debut, after it successfully closed its initial public offer earlier this month. Japan's Nikkei 225 is trading in red, down by 1.65 per cent, Hang Seng down by 0.30 per cent while South Korea's Kospi was also down by 0.56 per cent.

But some analysts warned markets were at a risk of correction should global markets tumble amid ongoing political turbulence around US President Donald Trump.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 235.33 crore yesterday, while domestic institutional investors sold shares worth Rs 65.77 crore, according to provisional data released by the stock exchanges.

State Bank of India was up 2.1 percent ahead of its March-quarter results later in the day.

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