Sensex, Nifty draw back from lifetime highs on profit taking; HDFC Bank, ICICI major drag

Benchmark stock indices Sensex and Nifty retracted from lifetime highs to settle lower on Friday due to profit-taking in frontline stocks HDFC Bank and ICICI Bank.

The BSE Sensex declined 264.27 points or 0.31 percent to settle at 85,571.85. During the day, it climbed 142.13 points or 0.16 percent to reach a new record intraday peak of 85,978.25 in the morning session. However, losses in banking and FMCG shares dragged the index into negative territory in late afternoon trade.

Snapping its six-day rally, the NSE Nifty dipped 37.10 points or 0.14 percent to 26,178.95 after rising 61.3 points or 0.23 percent to an all-time intraday high of 26,277.35 during the day.

Among Sensex stocks, Power Grid, ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, Larsen & Toubro, Adani Ports and UltraTech Cement were the losers.

Sun Pharma, Reliance Industries, Titan, HCL Technologies and Bajaj Finserv were among the gainers.

"Following the recent impressive surge, the benchmark indices experienced a sideways movement today as investors engaged in profit booking at elevated levels," Vinod Nair, Head of Research, Geojit Financial Services said.

The BSE midcap gauge climbed 0.29 percent while the smallcap advanced 0.07 percent.

Among the indices, realty declined 1.01 percent, bankex (0.89 percent), utilities (0.82 percent), financial services (0.79 percent) and power (0.52 percent).

Oil & Gas index surged 2.57 percent, energy jumped 2.12 percent, metal (1.02 percent) and healthcare (0.70 percent) climbed.

"The markets traded flat, showing little movement despite favourable global cues. An early rebound in the IT sector briefly lifted the index, but gains were short-lived. A mixed performance among heavyweight stocks kept the market's momentum in check," Ajit Mishra - SVP, Research, Religare Broking Ltd said.

On the weekly front, the BSE benchmark jumped 1,027.54 points or 1.21 percent while the Nifty surged 388 points or 1.50 percent.

In Asian markets, Tokyo, Shanghai, and Hong Kong settled sharply higher while Seoul ended lower.

European markets were trading in the green. The US markets ended in positive territory on Thursday.

Foreign Institutional Investors (FIIs) turned buyers on Thursday as they bought equities worth ₹629.96 crore, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth ₹2,405.12 crore.

Global oil benchmark Brent crude dipped 0.03 percent to $71.58 a barrel.

The BSE benchmark jumped 666.25 points or 0.78 percent to settle at an all-time high of 85,836.12 on Thursday. The Nifty climbed 211.90 points or 0.81 percent to close at a record high of 26,216.05.