Share Bazar | Stock market slips from record high, Sensex breaks 216 points

Pic: ANI Mumbai: The local stock market failed to maintain early gains and ended with losses on Monday. Selling in telecom, power and other stocks dragged down the market amid a weak trend in global markets. According to traders, there was sharp selling in private sector stocks like ICICI Bank and Kotak Bank. The 30-share BSE Sensex closed at 63,168.30, down 216.28 points, or 0.34 per cent. At one point during the trading, it fell to 336.75 points. On Friday, the Sensex jumped 466.95 points to close at an all-time high of 63,384.58. The National Stock Exchange’s Nifty also closed at a record high by climbing 137.90 points. According to traders, heavy selling, especially in afternoon trade, pushed the Sensex off record levels. The National Stock Exchange’s Nifty, which fell below the record level, also closed at 18,755.45 points, down 70.55 points, or 0.37 percent. Vinod Nair, head of research, Geojit Financial Services, said, “The domestic stock market came down from record levels mainly due to profit-booking in private sector banks’ stocks.” After a strong rally last week, there was a slight slowdown in the global market. Kotak Mahindra Bank was the biggest loser in the Sensex pack, down 1.83 per cent. Apart from this, Axis Bank, NTPC, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, HCL Technologies, IndusInd Bank and Nestle were also major losers. read this also Investors sold shares worth Rs 794.78 crore In contrast, gainers included Bajaj Finance, Bajaj Finserv, Tech Mahindra, Tata Consultancy Services, Titan, Infosys, HDFC Bank, HDFC and ITC. South Korea’s Cospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hangseng were among the losers in other Asian markets. Global oil benchmark Brent crude declined 0.38 per cent to USD 76.31 per barrel. Foreign institutional investors sold shares worth Rs 794.78 crore on Friday, according to stock market data. (agency)