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Sensex, Nifty Edge Lower As Markets Recede From Record Highs

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Market Live: Sensex, Nifty Edge Lower As Markets Recede From Record Highs

Stock Market Updates: Investors are betting on a strong economic recovery next year, say analysts.

Domestic share markets halted a five-day rally on Wednesday amid selling pressure in banking and financial services shares, as investors weighed the prospect of global recovery from the slowdown caused by the coronavirus pandemic against stimulus packages. The S&P BSE Sensex index gained 194.77 points to 47,807.85 and the broader NSE Nifty 50 benchmark added 109.7 points to 13,982.90 — both all-time highs — before succumbing to the negative territory. (Also Read: Stocks To Watch Today)

At 9:49 am, the Sensex traded 44.00 points, or 0.09 per cent, lower at 47,569.08, while the Nifty was down 8.9 points, or 0.06 per cent, at 13,923.70. (Track Sensex, Nifty Here)

State Bank of India, IndusInd Bank, Tata Motors, Cipla, tata Steel and GAIL, trading between 0.81 per cent and 1.40 per cent lower, were the worst hit among 33 laggards in the 50-scrip Nifty index.

UPL, HCL Technologies, Tech Mahindra, Nestle  and Coal India, up 0.44-3.68 per cent each, were the top percentage gainers in the index.

HDFC, Reliance Industries, ICICI Bank and SBI were the biggest drags on Sensex. (Also Read: Rangebound Trade, Volatility Likely In Markets As Year Comes To A Close, Say Analysts)

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MSCI’s broadest index of Asia-Pacific shares excluding Japan traded 0.60 per cent higher to a record high, led by gains in Chinese shares, bringing its gains so far this year to 18.20 per cent.

Japan’s Nikkei 225 benchmark was down 0.58 per cent at the last count on its last trading day of 2020, after jumping to a 30-year high on Tuesday. For the year, it is up almost 16 per cent.

The E-Mini S&P 500 futures traded 0.13 per cent higher, indicating a positive start for Wall Street on Wednesday, after US Senate Majority Leader Mitch McConnell put off a vote on President Donald Trump’s call to boost COVID-19 relief checks.

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