Markets in Red After Hitting Fresh High During Early Morning Trade

28 December, 2017, 00:57 | Author: Patty Aguilar
  • Sensex hits 34,000 level for the first time Nifty above 10,500 ONGC TCS Dr Reddy's top gainers

Mumbai: Stocks on Tuesday ruled steady after hitting fresh life highs earlier in the day.

Sensex was higher by 70 points at 34,010, While Nifty was up by 38 points at 10,531. About 1,527 shares declined against 1,212 advancing shares on the BSE.

BSE Sensex lost 154 points to 33,911.81, while Nifty50 closed the day at 10,475.35, down 56 points or 0.53 per cent, tracking weak global cues in the afternoon trade.

However, thanks to some brisk buying in the final minutes, the two indices rebounded and registered new highs before eventually finishing with modest gains.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 172.32 crore while domestic institutional investors sold stocks worth Rs 206.68 crore.


Last month, Goldman Sachs Economic and Strategy Report 2018 stated that Indian equity markets will continue to rally in 2018 and the benchmark Nifty 50 index will reach 11,600 levels by the end of the next calendar year.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Domestic indices failed to sustain near all-time highs as depreciating rupee and surge in oil prices influenced investors to book profits and pushed the market to a negative note".

Sectorwise, all the sub-indices of the BSE, except the healthcare index, closed in the red.

-Jayant Manglik, President, Retail Distribution, Religare Securities Pharma stocks defied the bearish sentiment with stocks such as Sun Pharma, Divi's Laboratories, Glenmark, Dr Reddy's Laboratories and Aurobindo Pharma gaining over 1 per cent each.

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