Markets decline in early trade after record rally

Benchmark equity indices declined in early trade on Friday amid profit-taking after a record rally in the previous day
Markets decline in early trade after record rally
Markets decline in early trade after record rally

New Delhi: Benchmark equity indices declined in early trade on Friday amid profit-taking after a record rally in the previous day and fresh foreign fund outflows.

The 30-share BSE Sensex declined 206.18 points to 76,604.72. The NSE Nifty dipped 61.5 points to 23,337.40.

Among the 30 Sensex companies, Tech Mahindra, JSW Steel, HCL Technologies, NTPC, Bajaj Finserv, Kotak Mahindra Bank, Wipro and Tata Consultancy Services were the major laggards.

Titan, Asian Paints, Mahindra & Mahindra and Hindustan Unilever were among the biggest gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,033 crore on Thursday, according to exchange data.

"In the near-term the market is likely to be range bound since there are no major triggers till the budget," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined o.41 percent to USD 82.41 a barrel.

The BSE benchmark jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46 on Thursday. It later ended at a fresh record high at 76,810.90; up 204.33 points or 0.27 percent.

The Nifty rallied 75.95 points or 0.33 percent to settle at a new closing high of 23,398.90. During the day, the benchmark climbed 158.1 points or 0.67 percent to its record peak of 23,481.05.

"Investors anticipate consolidation amid uncertainties, awaiting India's budget announcement and the US Federal Reserve's next rate cut," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

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