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Sensex, Nifty muted after all-time highs, IT slips

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Reuters
By Abinaya Vijayaraghavan
(Reuters) - Indian stock indexes were muted on Wednesday, following record-setting gains in the previous two sessions, as losses in IT stocks offset an advance in energy and materials shares.
The NSE Nifty was down 0.01 percent at 11,737.05, while the benchmark BSE Sensex was unchanged at 38,897.17.
The rupee on Wednesday touched a record low of 70.4675 to the dollar, tracking weakness in Asian peers along with strong month-end dollar demand back home.
The NSE Nifty has been setting successive record highs for the past two months, while the BSE Sensex has been Asia's top performer this year even when accounting for the rupee's decline.
"The correction is nowhere close to a concern in terms of the long-term growth story. Minor corrections should not be viewed as anything serious or a reversal," said Gaurang Shah, head investment strategist, Geojit Financial Services.
Among materials stocks, copper and aluminium producer Vedanta Ltd rose 3.13 percent to its highest since July 2, while agrochemicals company UPL Ltd gained 3.11 percent to reach its highest in more than two months.
IT services companies Infosys Ltd and Tata Consultancy Services Ltd fell between 0.38 and 0.68 percent, while HCL Technologies Ltd dropped 1.1 percent.
JSW Steel Ltd jumped as much as 3.6 percent to a record high after it was set to replace drugmaker Lupin Ltd in the NSE Nifty.
Kitchen appliance maker TTK Prestige Ltd climbed as much as 7 percent after brokerage CLSA raised its price target on the stock.
State-owned National Aluminium Co Ltd hit its highest level in about three months as HSBC initiated coverage with a "buy" rating.
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sai Sachin Ravikumar)

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First Published: Aug 29 2018 | 12:00 PM IST

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