Nifty declines 103 points, while Sensex loses 310 points; face resistance at higher levels
The broader markets also ended little changed
Street skeptical over near-term impact of GST
The benchmark S&P BSE Sensex ended 0.1 per cent lower
The Sensex might still be 2,000 points shy of its all-time high but the BSE Midcap and Smallcap indices have run ahead and crossed the milestone
Only four Sensex constituents had a market capitalisation of over Rs 1,000 cr
Stocks dropped on Tuesday, as concern mounted that the rally that pushed up the benchmark index to near a one-year high on Monday isn't supported by corporate earnings.The Sensex lost 0.4 per cent to close at 27,976.52 points. The gauge's 22 per cent rebound from a low in February amid persistent inflows from overseas funds has sent its valuations to a 15-month high. That makes it prone to declines if the recovery in company earnings fails to gather steam. Six of the 10 firms in the index that have reported results so far have disappointed investors.
With the Sensex again nearing 28,000 points, it would make sense to avoid high-risk stocks
All eyes are also on the last monetary policy review for RBI Governor Raghuram Rajan, due on August 2, before he steps down a month later
The indices moved between gains and losses till late afternoon, but saw emergence of buying on string of positive earning results
Sensex was trading 120.54 points or 0.43 per cent higher during the morning session
Despite caution on Friday, following Nice attack, the week posted handsome gains in GST-themed and PSU bank stocks
Infosys tumbled the most since April 2013 after paring its annual sales outlook
TCS, HDFC Bank, Infosys and ONGC saw a squeeze in their market capitalisation in holiday-shortened last week
On Tuesday, the index had dropped 112 points for the first time in six sessions as investors booked profits in recent gainers
Up 19% from February lows but analysts say further rise could be limited, as stock prices are stretched
ITC, Grasim, Hero MotoCorp, ACC, Biocon, BPCL, NTPC and Petronet LNG are 33 stocks from BSE A group hit 52-week highs.
A majority of market participants expects India to outperform global peers
Most Indian stocks advanced, led by companies tied to the economy, as some investors judged Friday's Brexit-induced selloff was overdone.Three stocks advanced for every one that fell on the broader S&P BSE 100 Index, which rose 0.3 per cent at the close in Mumbai. The Sensex closed little changed after swinging between gains and losses 20 times.
With over 1057 shares advancing, Dr Reddy's Labs, SBI, BHEL and Axis Bank were among the top gainers.