Nifty 50, Sensex pull back from record highs on profit taking

Nifty 50 And Sensex It reached record highs for the fourth consecutive session early on Tuesday, before paring nearly all of those gains as investors booked profits.

The Nifty rose 0.01% to 19,324.60 as of 10.17am IST, before giving back gains, while the S&P BSE Sensex rose 0.06% to 65,243.94.

Eight of the 13 major sectoral indices posted losses, with banks and FMCG losing 0.3% each, reversing course after hitting all-time highs.

However, the index of financial heavyweights held near its highest level, supported by gains in Bajaj Finance .

The non-bank finance company jumped as much as 8% after reporting 34% growth in new loans for the June quarter.

Also read: GIFT Nifty starts operations with the first 9-hour session ending with $1.3 billion USD

“Strong buying in heavyweight indices, growth in GST collections in June And Reduce the lack of monsoons are the main factors behind the momentum in the markets,” said Siddhartha Kimka, Head of Retail Research at Motilal Oswal Financial Services.

However, analysts cautioned against profit-taking.

F said K. Vijayakumar, Chief Investment Analyst Geojit Financial Services.

among individual stocks, MotoCorp Champion rose more than 2% upon the launch of a Participated in the development of the Harley-Davidson motorcycle.

but, Escher Motorswhich makes Royal Enfield bikes, fell more than 4% on fears that the new Harley X440 would eat away at market share.

Bharti Airtel It lost nearly 3% after Reliance Jio-owned Reliance IndustriesAnnounced Launching a 4G phone It is priced at INR 999.