As many as 287 stocks, including ITC, Mahindra and Mahindra (M&M), NTPC, Bajaj Finserv, Bajaj Auto, JSW Steel, Nestle, Sun Pharma and UltraTech Cement, hit their fresh one-year highs in intraday trade on BSE on Friday, September 27, even as Indian stock market benchmarks, the Sensex and the Nifty 50, ended in the red on profit booking at record high levels.
Shares of Apollo Hospitals, BPCL, Britannia Industries, Colgate-Palmolive (India), Marico, Eicher Motors, Hindalco, Persistent Systems, Pidilite Industries, Shriram Finance, Sun Pharma, Tata Power and TVS Motor Company were also among those rising to their 52-week highs.
The domestic market remained lacklustre amid mixed global cues, with a focus on the US core personal consumption expenditures (PCE) price index data, due later today.
Concerns over an economic slowdown in the US ebbed after data showed the US gross domestic product (GDP) rose at an unrevised 3 per cent annualized rate last quarter.
Besides, US weekly jobless claims fell by 4,000 to a four-month low of 218,000. This was below the 2,25,000 forecast by economists in a Reuters poll.
Chinese stimulus is also infusing positive sentiment in markets globally.
Witnessing a minor gain of about 0.20 per cent, the Sensex hit its fresh record high of 85,978.25 during the session but ended with a loss of 0.31 per cent at 85,571.85, with shares of HDFC Bank, ICICI Bank and Bharti Airtel as the top drags.
Snapping its six-day winning streak, the Nifty 50 ended the day at 26,178.95, down 0.14 per cent after hitting a fresh lifetime high of 26,277.35.
Shares of Power Grid, Bharti Airtel and HDFC Bank ended as the top losers in the index. Some 20 stocks closed in the red in the Nifty basket of stocks.
BSE Midcap index rose 0.29 per cent, and the Smallcap index ended slightly up with a 0.07 per cent gain.
Thanks to gains in the mid and small-cap segments, the overall market capitalisation of the firms listed on the BSE rose to nearly ₹478 lakh crore from ₹477 lakh crore in the previous session.
"After benchmark indices scaled fresh all-time highs in initial trades, investors turned cautious ahead of the key US inflation data and resorted to profit taking in banking, realty and power stocks," Prashanth Tapse, Senior VP (Research), Mehta Equities, observed.
"Weak Asian market cues, too, weighed on the sentiment. However, as the market undertone has been bullish amid robust fund flows, gains in metals, oil and gas and auto shares helped indices erase some of their losses to close off their lows," Tapse said.
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