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Indian shares slip from record highs owing to losses in energy, financial stocks

For the year, the Nifty is still up around 12 per cent and the Sensex has gained 9 per cent, even as the second wave of Covid-19 battered the country.

File photo of the Bombay Stock Exchange

File photo of the Bombay Stock Exchange (Photo Credits: PTI)

HIGHLIGHTS

  • Reliance Industries slid 1.8 per cent and was the top drag on the indexes
  • If we don’t see correction in market, upward momentum won’t sustain itself: Neeraj Dewan
  • Power utilities were the bright spot, with Nifty 50-component Power Grid Corp of India jumping 3.4 per cent

Losses in energy and financial stocks pulled Indian shares down from record highs on Wednesday, with investors cautious ahead of key US inflation data due later in the week.

The blue-chip NSE Nifty 50 index closed 0.67 per cent lower at 15,635.35 after earlier hitting an all-time high, while the benchmark S&P BSE Sensex fell 0.64 per cent to 51,941.64.

For the year, the Nifty is still up around 12 per cent and the Sensex has gained 9 per cent, even as the second wave of Covid-19 battered the country.

“Valuations are not cheap, if we don’t see a shakeout and some correction in the market, the upward momentum won’t sustain itself,” said Neeraj Dewan, director at New Delhi-based Quantum Securities.

Dewan added investors were also on the sidelines ahead of US inflation data and a key meeting of the European Central bank on Thursday.

US consumer price data could offer clues on the Federal Reserve’s stance on tapering monetary stimulus, which could ultimately impact the flow of foreign funds into emerging markets such as India.

In Mumbai trading, Reliance Industries, India’s largest listed company by market value, slid 1.8 per cent and was the top drag on the indexes.

The Nifty Bank index slipped 0.8 per cent to its lowest in nearly two weeks.

Gas marketing firm GAIL declined 3.2 per cent after reporting a drop in quarterly profit and revenue.

Power utilities were the bright spot, with Nifty 50-component Power Grid Corp of India jumping 3.4 per cent.

Tata Power climbed 6.5 per cent after the antitrust watchdog cleared its acquisition of stakes in power utility companies in the Odisha state.

Click here for IndiaToday.in’s complete coverage of the coronavirus pandemic.

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