Sensex, Nifty Give Up Early Gains On Profit Taking
(RTTNews) - Indian shares hit record highs on Thursday before reversing direction to end lower as investors booked intraday profits after recent strong gains on expectations that Modi will win a second term as prime minister.
The benchmark BSE Sensex and Nifty hit the historic levels of 40,000 and 12,000, respectively, for the first time ever after trends showed the BJP was way ahead of the halfway mark of 272 on its own in the 543-member Lok Sabha.
However, with traders booking profits at higher levels, the 30-share BSE Sensex eventually ended the session down 298.82 points or 0.76 percent at 38,811.39. The broader Nifty index ended down 80.85 points or 0.69 percent at 11,657.05, giving up all early gains.
Bajaj Finserv, Hindalco, ITC, Eicher Motor and Vedanta fell 3-6 percent in the Nifty pack, while Cipla, Grasim, IndusInd Bank, Zee Entertainment Enterprises and Adani Ports climbed 2-6 percent.
Globally, other Asian markets fell broadly as fears that the U.S.-China trade conflict was spiraling into a technology cold war dashed hopes of a deal before or at the G20 summit to be held next month in Japan.
European stocks were sharply lower in early trade as trade worries persisted and the European Parliament elections kicked off in polls that could challenge the Brussels consensus.