Sensex, Nifty close marginally lower after hitting fresh lifetime highs

Mumbai: Benchmark stock indices Sensex and Nifty closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows.

The 30-share BSE Sensex pared early gains and closed 64.77 points or 0.08 per cent lower at 85,641.90. During the day, the benchmark jumped 452.35 points or 0.52 per cent to hit a record intra-day high of 86,159.02.

The 50-share NSE Nifty dipped 27.20 points or 0.10 per cent to settle at 26,175.75. During the day, it climbed 122.85 points or 0.46 per cent to hit a lifetime high of 26,325.80.

Markets faced correction at higher levels as expectations of an RBI rate cut this week faded following better-than-expected Q2 GDP growth, an expert said. Markets surged to their record highs as investor sentiment turned positive after India's economy grew at a higher-than-expected 8.2 per cent in July-September - recording the fastest pace in six quarters.

Among Sensex firms, Bajaj Finance, Sun Pharma, Trent, Mahindra & Mahindra, State Bank of India and Bajaj Finserv were the major laggards.

However, Tata Motors Passenger Vehicles, Maruti, Bharat Electronics, Kotak Mahindra Bank, Adani Ports and HCL Tech were among the gainers.

"After reaching a new high, the market moved into a range-bound phase as expectations of an RBI rate cut in December faded following better-than-expected Q2 GDP growth and a sharp depreciation of the rupee. Sentiment turned slightly cautious due to muted GST collections in November, driven by lower rates," Vinod Nair, Head of Research, Geojit Investments Limited, said.

In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng index settled in positive territory, while South Korea's Kospi and Japan's Nikkei 225 index ended lower.

Markets in Europe were trading lower. US markets ended higher on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,795.72 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 4,148.48 crore, according to exchange data.

Brent crude, the global oil benchmark, jumped 1.96 per cent to USD 63.60 per barrel.

On Friday, the Sensex dipped by 13.71 points or 0.02 per cent to settle at 85,706.67. The Nifty skidded 12.60 points or 0.05 per cent to 26,202.95.