Mumbai: Equity indices reached new all-time highs early on Friday, but could not maintain these levels and later dropped, influenced by negative trends in global markets.
The BSE Sensex reached a record high of 81,587.76 in early trading but later dropped 166.93 points to 81,176.53, losing its winning streak. The NSE Nifty decreased by 73.1 points to 24,727.75 after reaching a new all-time high of 24,854.80 at the start of trading. Tech Mahindra, UltraTech Cement, Tata Steel, JSW Steel, Sun Pharma, and Power Grid were the top underperformers in the Sensex group.
Infosys saw an almost 3 pc increase in its stock price following a 7 pc growth in consolidated net profit to Rs 6,368 crore in the April-June quarter, along with a raised growth forecast for the fiscal year, indicating a better performance in the IT sector.
Asian Paints, ITC, Nestle, and Adani Ports also experienced gains. In Asian markets, prices were down in Seoul, Tokyo, Shanghai and Hong Kong. Thursday saw the US markets closing in the red. There was a 0.41 per cent decrease in the global oil benchmark Brent crude, which fell to USD 84.76 per barrel. According to data from the exchange, Foreign Institutional Investors (FIIs) purchased Rs 5,483.63 crore worth of equities on Thursday.
On Thursday, the BSE benchmark Sensex increased by 626.91 points, settling at a new closing high of 81,343.46, a gain of 0.78 per cent. The wider Nifty increased by 187.85 points, or 0.76 pc, ending at a record high closing of 24,800.85.
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