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BW Businessworld

Sensex, Nifty Retreat From Highs; Market Drops

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Markets dropped for the first time in seven sessions on Wednesday (20 August) with Sensex falling 106.38 points to end at 26,314.29 and Nifty easing by 22.20 points to 7,875.30 on profit taking at record high levels, amid mixed global cues.

Although, the benchmark indices ended in the red, the total market breadth was positive on sustained buying by retail investors in small cap and mid cap counters.

Refinery, FMCG, Auto and Capital Goods stocks attracted profit-booking while select shares from pharma, power, realty and IT segments were in demand.

The BSE 30-share barometer resumed higher and immediately touched a high of 26,504.52 on firm Asian cues on the back of rally on Wall Street yesterday.

Later, Sensex however met with strong resistance and fell in negative territory for the rest of the day to settle at 26,314.29, a fall of 106.38 points or 0.40 per cent.

Yesterday, the 30-share benchmark had ended at its all-time closing high of 26,420.67 and had also logged intra-day life high of 26,530.67.

In six sessions before Wednesday, Sensex had jumped 1,091.53 points or 4.31 per cent on positive global and local cues.

"Domestic bourses were seen losing marginally in a range bound session on Wednesday. In absence of any major cues, traders preferred to maintain stock specific approach and focused mainly on healthcare pack. After six days of successive rise, its normal to see profit taking," said Jayant Manglik, President-retail distribution, Religare Securities.

Pharma stocks such as Dr Reddys, Cipla and Sun Pharma ended up and were among biggest gainers in Sensex and Nifty.

Similarly, the 50-issue CNX Nifty of the NSE logged a life high of 7,915.80 in early trade before falling back to conclude down by 22.20 points, or 0.28 per cent, at 7,875.30.

It had gained 329.25 points, or 4.35 per cent, in the previous six trading sessions to hit record highs on successive days.

In Asia, most indices edged higher following a positive lead from Wall Street, where stocks picked up on encouraging US data before a keynote speech this week by Fed chief.

However, Europe's main stock markets dipped at the start of trading after two days of strong gains.