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Stocks retreat from record on profit booking; rupee drops 6p

Press Trust of India  |  Mumbai 

The benchmark retreated from record highs, dropping by 69.74 points in late morning trade on bouts of profit-booking in recent gainers led by consumer durables, banks, capital goods, financials and auto

Caution crept in ahead of quarterly by index heavyweights. will announce its Q3 tomorrow, while will declare on Friday.

Also, hit the highest levels since 2014 today due to ongoing production cuts led by OPEC.

Earlier, the hit new life-time intra day high of 34,565.63 in opening session.

The 30-share Sensex was trading lower by 69 points or 0.20 per cent at 34,373.45 1230 hrs.

The broader of the was trading down by 27.55 points, or 0.26 per cent at 10,609.45.

Realty, telecom and saw buying interest.

Major losers were Asian Paint 1.35 per cent, 1.20 per cent, 1.00 per cent, Dr 0.92 per cent and Tatamtrdvr 0.80 per cent.

Notable gainers were Adaniports 1.48 per cent, 1.37 per cent, 1.37 per cent and 0.41 per cent.

Foreign portfolio investors (FPIs) net sold worth Rs 303.94 crore while, domestic institutional investors (DIIs) bought equities to the tune of Rs 522.90 crore, provisional data showed.

Asian markets were mixed, US equities rose to record highs yesterday as investors remained optimistic about the market heading into the corporate earnings season.

-- Rupee drops 6 paise against US dollar --

The rupee pared its early gains to trade down by 6 paise at 63.77 against the greenback in afternoon deals on sustained bouts of dollar buying by banks.

The rupee opened higher at 63.58 per dollar from yesterday's closing level of 63.71 at the inter-foreign exchange market today.

The Indian unit fluctuated between a high of 63.53 on and low of 63.85 during morning trade.

It was quoting 63.77 per dollar at 1230 hrs.

The US dollar

was up against a basket of currencies, bolstered by higher yields but still constrained against the yen after the of Japans move to trim its purchases of bonds triggered tapering fears.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 12:40 IST