Markets take a breather after record-breaking rally; Nifty hits fresh peak

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Benchmark stock indices ended flat on Wednesday Sensex slipped 33 points and Nifty gained 9 points After an uninterrupted record high in the past few trading sessions.

Weak global market trends and the decline of the HDFC twins also spoiled the markets party.

BSE Sensex fell by 33.01 points, or 0.05 percent, to settle at 65,446.04 points. The index remained in the negative territory for most of the trading and fell 222.56 points, or 0.33 percent, to 65,256.49 in one day.

NSE Nifty posted a marginal gain of 9.50 points, or 0.05 percent, to close at a new record high of 19,398.50. During the day, it recorded the highest level at 19421.60 and the lowest level at 19339.60.

Of the Sensex package, HDFC Bank is down more than 3 percent and HDFC is down about 3 percent.

Also read: The rupee decreased by 22 paisa to close at 82.23 against the US dollar

Bajaj Finserv, Wipro, Tata Motors, Access Bank, NTBC, Bajaj Finance and Ultra Tech Cement were among the other defaulters.

However, Maruti, Tech Mahindra, IndusInd Bank, Hindustan Unilever, ITC, ICICI Bank, Power Grid and Nestle were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.

Stock markets in Europe were trading in negative territory. US markets were closed on Tuesday.

growth of the service sector in India It fell to a three-month low in June but service providers continued to point to positive demand trends, driving a stronger increase in new business volumes and creating more jobs, a monthly survey reported Wednesday.

The seasonally adjusted S&P Global India Services PMI of business activity fell from 61.2 in May to 58.5 in June. Although down from May, the latest figure was consistent with the sharp pace of growth.

Global concerns along with the moderation in Services PMI data briefly affected the local market rally. Increasing trade tensions between the US and China, along with uncertainty surrounding the upcoming release of FOMC minutes, has tested the risk appetite of global investors.

“However, the last-minute broad-based recovery in the market serves as a reaffirmation of investor confidence in the Indian economy,” said Vinod Nair, Head of Research at Geojit Financial Services.

Brent crude, the global benchmark, fell 0.43 percent to $75.92 a barrel.

Foreign institutional investors (FIIs) bought shares worth ₹2,134.33 crore on Tuesday, according to exchange data.

The BSE index rose for the fifth consecutive session on Tuesday, jumping 274 points, or 0.42 percent, to settle at an all-time closing high of 65,479.05. During the day, the benchmark index rose 467.92 points, or 0.71 percent, to reach its highest level during the day at 65,672.97 points.

The Nifty Index rose by 66.45 points, or 0.34 percent, to close at a new record high of 19,389 points. During the day, it rose 111.6 points, or 0.57 percent, to reach an all-time high for the day at 19,434.15.