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Sensex, Nifty touch fresh record highs on International Monetary Fund booster

08 February 2018

The RBI monetary policy announcement on February 7 will be a key trigger for the market, the outcome of which is expected to be status quo, but any commentary over the government's fiscal policy and concern over rising yield will add volatility, he said.

The S&P BSE Sensex dropped for a sixth day, falling 1.6 percent to close at 34,195.94 in Mumbai for its longest run of losses since September.

30-share BSE Sensex closed on 34,082.71 down 113.23 points while the broader 50-share NSE Nifty lost 21.55 points to finish on 10,476.70. It however failed to maintain record levels on profit-booking, and settled at new high of 10,230.85, up 63.40 points, or 0.62 per cent.

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At the end of the first-hour Sensex stood at 33,820 with a loss of 937 points and Nifty stood at 10,383 with a loss of 283 points.Prominent scrips with U.S. link like Tata Motors, Axis Bank, Yes Bank and Idea cellular have taken a heavy beating. It is still higher than the five-year and 10-year historical averages of 15.6 times and 14.94 times, respectively. The reverse repo, rate at which it borrows from banks and absorbs excess liquidity, will remain at 5.75 per cent.

Benchmark indices of Australia, Shanghai, Hong Kong, Indonesia, Japan, Malaysia, Singapore and Taiwan are down 2.8% - 5%.

Stocks of the rate-sensitive sectors were trading mixed. Most indices on the BSE have posted a decline in the range of 1.5-1.75%.

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According to provisional data, foreign portfolio investors (FPIs), who had been making persistent purchases, net sold shares worth Rs 1,263.57 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,163.64 crore on Monday.

Oil & gas, realty, PSU, infrastructure, healthcare, consumer durables, power, FMCG and metal turned positive. The Sensex fell by 1,769.08 points and the Nifty50 by 529.45 points during the last four sessions. Tata Steel ended with a marginal gain of 0.06 per cent.

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Sensex, Nifty touch fresh record highs on International Monetary Fund booster