Markets Retreat From Near Record Highs; Sensex, Nifty End Lower

S&P BSE Sensex and NSE Nifty 50 Indexes ended lower after surging close to record high levels earlier in the day. Investors booked profits in today's session ahead of release of GDP data for last quarter of financial year 2018-19 due after market hours today, analysts said. 

Earlier in the day, the Sensex rose as much as 290 points and Nifty moved above 12,000. However, benchmarks nosedived in the noon deals as banking shares came under a sharp selling pressure and the gauge of banking shares on National Stock Exchange - Nifty Bank Index dropped as much as 1,161 from record high of 31,783.60 tested in morning deals.

The Sensex ended 118 points or 0.3 per cent lower at 39,714 and the NSE Nifty 50 Index dropped 23 points or 0.19 per cent to close at 11,923.

Selling pressure in bluechip stocks like HDFC Bank, Kotak Mahindra Bank, ICICI Bank, ITC, Mahindra and Mahindra Yes Bank and Power Grid weighed on the benchmarks.

Thirteen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Power Index's 1.3 per cent decline. S&P BSE Basic Materials, FMCG, Utilities, Auto, Bankex and Metal Indexes also fell between 0.5-1 per cent each.

On the flipside, S&P BSE IT Index was top gainer, up 1.2 per cent.

Mid- and small-cap shares ended on a mixed note as the S&P BSE MidCap Index rose 0.2 per cent while the S&P BSE SmallCap Index fell 0.65 per cent.

Yes Bank was top loser in the Nifty 50 basket of shares, the stock fell 5 per cent to close at Rs. 148. ITC, Grasim Industries, Zee Entertainment, Vedanta, Mahindra & Mahindra, JSW Steel and NTPC were also among the losers.