Markets decline in early trade after record rally

Mumbai: Benchmark stocks indexes fell at the beginning of trading on Tuesday as investors started taking profits following a historic upsurge. Modest performance from Asian counterparts also played a role in the lackluster investor confidence in the local stock market in the initial trading sessions.

In the early trading session, the 30-stock BSE Sensex dropped 78.28 points to reach 82,481.56. The NSE Nifty fell by 23.6 points, reaching a level of 25,255.10. Bajaj Finance, Bajaj Finserv, Infosys, ICICI Bank, Tech Mahindra, and Titan were the top underperformers among the 30 Sensex companies. ITC, Sun Pharma, Hindustan Unilever, and Nestle were among the companies that experienced increases in their stock prices. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were experiencing declines in trading. The Labor Day holiday caused the US markets to be closed on Monday.

According to exchange data, on Monday Foreign Institutional Investors (FIIs) purchased equities valued at Rs 1,735.46 crore. Brent crude, the worldwide oil benchmark, dropped by 0.40 percent to reach USD 77.21 per barrel.

Continuing its upward trend for the 10th consecutive day, the BSE index rose by 194.07 points, or 0.24 percent, to reach a record closing high of 82,559.84 on Monday. Throughout the day, it climbed 359.51 points or 0.43 per cent to hit a new high of 82,725.28.

The Nifty reached a new all-time high of 25,278.70 after gaining 42.80 points or 0.17 pc, marking the 13th consecutive day of gains. Throughout the daytime, it jumped 97.75 points or 0.38 percent to reach a new record high of 25,333.65. The Nifty has been on a 13-day winning streak since August 14, gaining 4.72 per cent or almost 1,140 points. The BSE index surged by 2.65 pc, equivalent to 2,135.16 points, during its 10 consecutive days of increases.