Sensex, Nifty Edge Lower; ITC Falls After March Quarter Earnings

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Sensex, Nifty Edge Lower; ITC Falls After March Quarter Earnings

The Indian equity benchmarks edged lower on Tuesday on account of profit-booking at record highs after a sharp up move seen in the last eight trading sessions wherein the Nifty 50 index rallied over 5 per cent to touch record high of 15,661. The Sensex fell as much as 243 points to hit an intraday low of 51,692 and Nifty 50 index slipped below its important psychological level of 15,550.

As of 9:19 am, the Sensex was down 110 points at 51,825 and Nifty 5o index slipped 24 points to 15,550.

Meanwhile, Asian shares edged up to near three-month highs on Wednesday and global equities held steady near a record as data showing higher U.S. manufacturing activity in May cheered investors looking for signs of a continued rebound in the world’s largest economy.

US manufacturing activity rose in May, the Institute for Supply Management (ISM) said on Tuesday, as pent-up demand boosted orders in a reopening economy, even as unfinished work piled up because of shortages of raw materials and labour.

MSCI’s gauge of stocks across the globe was flat after setting a record intraday high and close on Tuesday. Its broadest index of Asia-Pacific shares outside Japan ticked 0.08 per cent higher, and Japan’s Nikkei added 0.36 per cent.

Back home, foreign institutional investors sold shares worth Rs 450 crore on Tuesday while domestic institutional investors bought shares worth Rs 230 crore.

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