Mumbai Oct 31 (IANS) Key Indian equity indices on Tuesday fell from their record high levels to close on a flat-to-negative note as investors booked profits in metals automobile and IT stocks.
According to market observers mixed global cues coupled with heavy selling pressure in index heavyweights like Infosys Mahindra and Mahindra (M&M) Tata Steel State Bank of India (SBI) and Tata Motors among others added to the losses.
The broader Nifty50 of the National Stock Exchange (NSE) closed lower by 28.35 points or 0.27 per cent at 10 335.30 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33 213.13 points -- down 53.03 points or 0.16 per cent.
The Sensex touched a high of 33 294.30 points and a low of 33 164.28 points during the intra-day trade.
However the BSE market breadth was slightly bullish -- 1 398 advances and 1 320 declines.
The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.14 per cent and the small-cap index by 0.46 per cent.
"Markets corrected on Tuesday after the Nifty touched life highs in the previous session (on Moday). The indices had opened lower in the morning on the back of mixed Asian markets and a negative closing for the US markets overnight " Deepak Jasani Head - Retail Research HDFC Securities told IANS.
On Monday the key indices scaled fresh highs both on closing as well as intra-day basis.
The Sensex closed at a fresh high of 33 266.16 points after touching a record high of 33 340.17 points intra-day while the broader Nifty50 which touched an intra-day record high of 10 384.50 points closed at a new high of 10 363.65 points.
"Major Asian markets ended on a mixed note while European indices like FTSE 100 and CAC 40 traded higher " Jasani added.
Vinod Nair Head of Research Geojit Financial Services said: "Markets ended on a negative note after a volatile trade due to strong resistance around recent high and profit booking in PSU banks and metal stocks after the recent solid performance.
"The domestic macros remain positive supported by ample reforms and good Q2 results so far while rising oil price in the global market and tomorrow s (Wednesday) FED policy influenced domestic market to take a wait and watch approach."
On the currency front the rupee strengthened by 10-11 paise to close at 64.75 against the US dollar from its previous close at 64.85-86.
"Indian shares fell on Tuesday retreating from record highs hit in the previous session as recent outperformers such as SBI fell while Infosys dropped after going ex-dividend " Dhruv Desai Director and Chief Operating Officer of Tradebulls told IANS.
"Government s measures on bank recapitalisation infrastructure and crop prices coupled with domestic flows would support India stocks even as downgrades in earnings continue " he added.
Sector-wise the S&P BSE metals index declined by 264.53 points followed by automobile index by 104.34 points and IT index by 66.72 points.
On the other hand the S&P BSE consumer durables index rose by 139.98 points banking index by 69.52 points and realty index by 67.73 points.
Major Sensex gainers on Tuesday were: Axis Bank up 8 per cent at Rs 523.05; ONGC up 2.38 per cent at Rs 191.10; Bharti Airtel up 0.98 per cent at Rs 497.65; Hero MotoCorp up 0.63 per cent at Rs 3 854.75; and Wipro up 0.39 per cent at Rs 294.35.
Major Sensex losers were: Infosys down 2.43 per cent at Rs 921.65; M&M down 2.14 per cent at Rs 1 345; Tata Steel down 2.11 per cent at Rs 703.65; SBI down 2.02 per cent at Rs 305.80; and Tata Motors down 1.66 per cent at Rs 428.55.
--IANS
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