 "Markets come off record highs; Nifty holds 8,700")
Benchmark share indices came off their record highs in late morning trade as investors booked profits after gains in the previous four sessions.
At 11:30AM, the 30-share Sensex was up 86 points at 28,870 after hitting a fresh record high of 28,896 and the 50-share Nifty was up 15 points at 8,711 after touching a record high of 8,741.85.
On Tuesday, the Sensex and the Nifty gained nearly 2% to hit record highs led by robust buying from foreign funds after the International Monetary Fund's forecast that the Indian economy will the fastest growing major economy and will outperform China by 2016-17.
The Indian rupee was trading higher at 61.60 to the US dollar compared to previous close of 61.69 tracking sharp gains in equities for the fifth straight session.
Most Asian markets were trading firm except for Japan. The benchmark Nikkei was down 0.7% as investors booked profits after gains in the previous two sessions and remained cautious ahead of Bank of Japan's policy annoucement later today. Chinese shares extended gains and were up over 3% while Hang Seng rose 1.5% and Straits Times was trading flat.
BSE Capital Goods and Bankex were among the sectoral gainers up 0.5% each. BSE Metal, FMCG, Auto, Healthcare, Power and Realty indices were down 0.3-1.5% each.
Mortgage lender, HDFC extended gains and was up nearly 2%. The market value of the country's largest mortgage financier company crossing the Rs two lakh crore mark today. According to analysts housing finance companies (HFCs) have become more competitive than banks in a low interest rate environment given the reduction in cost of funds for banks will be lower than cost of fund reduction for HFCs.
Bank shares were trading mixed with SBI up over 2% and HDFC Bank up 0.5% while Axis Bank and ICICI Bank were trading lower on profit taking.
Other Sensex gainers include, HUL, L&T, Bharti Airtel and Infosys among others.
ITC was down 1.5% ahead of its third quarter earnings later today.
Profit booking was seen in metal shares after sharp gains on Tuesday after China reported better-than-expected economic growth in the fourth quarter. Sesa Sterlite eased 3%, Tata Steel lost 1.7% and Hindalco was down 2%.
Other Sensex losers include, ONGC and Tata Motors among others.
Among other shares, Rallis India was down nearly 4% at Rs 220 after the company announced 17% decline in consolidated net profit at Rs 25 crore for the quarter ended December 2014.
In the broader market, the BSE Mid-cap and Small-cap indices were down 0.3% each.
Market breadth weakened with 1,457 losers and 1,073 gainers on the BSE.
At 11:30AM, the 30-share Sensex was up 86 points at 28,870 after hitting a fresh record high of 28,896 and the 50-share Nifty was up 15 points at 8,711 after touching a record high of 8,741.85.
On Tuesday, the Sensex and the Nifty gained nearly 2% to hit record highs led by robust buying from foreign funds after the International Monetary Fund's forecast that the Indian economy will the fastest growing major economy and will outperform China by 2016-17.
Also Read
Foreign institutional investors were net buyers in equities to the tune of Rs 1,276 crore on Tuesday, as per provisional stock exchange data.
The Indian rupee was trading higher at 61.60 to the US dollar compared to previous close of 61.69 tracking sharp gains in equities for the fifth straight session.
Most Asian markets were trading firm except for Japan. The benchmark Nikkei was down 0.7% as investors booked profits after gains in the previous two sessions and remained cautious ahead of Bank of Japan's policy annoucement later today. Chinese shares extended gains and were up over 3% while Hang Seng rose 1.5% and Straits Times was trading flat.
BSE Capital Goods and Bankex were among the sectoral gainers up 0.5% each. BSE Metal, FMCG, Auto, Healthcare, Power and Realty indices were down 0.3-1.5% each.
Mortgage lender, HDFC extended gains and was up nearly 2%. The market value of the country's largest mortgage financier company crossing the Rs two lakh crore mark today. According to analysts housing finance companies (HFCs) have become more competitive than banks in a low interest rate environment given the reduction in cost of funds for banks will be lower than cost of fund reduction for HFCs.
Bank shares were trading mixed with SBI up over 2% and HDFC Bank up 0.5% while Axis Bank and ICICI Bank were trading lower on profit taking.
Other Sensex gainers include, HUL, L&T, Bharti Airtel and Infosys among others.
ITC was down 1.5% ahead of its third quarter earnings later today.
Profit booking was seen in metal shares after sharp gains on Tuesday after China reported better-than-expected economic growth in the fourth quarter. Sesa Sterlite eased 3%, Tata Steel lost 1.7% and Hindalco was down 2%.
Other Sensex losers include, ONGC and Tata Motors among others.
Among other shares, Rallis India was down nearly 4% at Rs 220 after the company announced 17% decline in consolidated net profit at Rs 25 crore for the quarter ended December 2014.
In the broader market, the BSE Mid-cap and Small-cap indices were down 0.3% each.
Market breadth weakened with 1,457 losers and 1,073 gainers on the BSE.