Mkts hit all-time high levels, profit-booking likely now

Continuing its record breaking performance, the BSE benchmark Sensex today spurted by over 118 points to end the day at all-time closing high of 22,876.54 on select buying in blue-chip stocks like L&T, HDFC Bank and BHEL amid persistent capital inflows.
The 30-share index recorded its highest ever figure of 22,912.52 points intra-day, but lost the momentum on emergence of profit-booking.
The 50-share Nifty of NSE rose by 25.45 points to finish at all-time record of 6,840.80 after hitting historic level of 6,861.60 intra-day.
This is the third successive day indices are hitting their life-time high levels intra-day.
"Elections results will be out soon, and quarterly results have already started coming in. These events can direct market trends in the coming sessions," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio, adding that after one-sided rally seen for the last few sessions, profit-booking at higher levels is expected now.

Stock brokers said buying activity gathered momentum as investors covered their pending short positions on April settlement in the derivatives segment.

Buying by FIIs and retail investors on the back of encouraging earnings by corporates also helped key indices to continue their record-breaking performance, they added.
After touching the highest ever figure of 22,912.52, the barometer surrendered some gains to settle at 22,876.54, a gain of 118.17 points or 0.52 per cent, from previous close.
Adding to its gains of the last two session, L&T surged by 2.48 per cent on positive recommendations by brokerages.
Gail India at 1.48 per cent, BHEL 1.42 per cent, Tata Steel 1.32 per cent, M&M 1.22 per cent, Axis Bank 1.18 per cent, Bharti Airtel 1.13 per cent, HDFC Bank 1.09 per cent, Sun Pharma 1.09 per cent and Coal India 1.