Markets decline in early trade on profit-taking after record rally

Benchmark equity indices declined in early trade on Tuesday after surging to record high levels in the previous trading session, amid profit-taking and sluggish trends from the global markets.

The 30-share BSE Sensex declined 90.8 points to 82,897.98. The NSE Nifty dipped 26.9 points to 25,356.85.

From the 30 Sensex firms, Tata Motors, Tata Consultancy Services, Maruti, Bajaj Finserv, Tata Steel and Adani Ports were the biggest laggards.

Hindustan Unilever, NTPC, Nestle and ICICI Bank were among the gainers.

In Asian markets, Tokyo and Shanghai were trading lower while Hong Kong quoted with gains.

The US markets ended mostly higher on Monday.

“Globally equity markets were flat yesterday signalling a wait and watch mood in anticipation of the Fed rate action tomorrow,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors offloaded equities worth Rs 1,634.98 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.45 per cent to USD 73.08 a barrel.

The BSE benchmark climbed 97.84 points or 0.12 per cent to settle at a new record peak of 82,988.78 on Monday. During the day, it jumped 293.4 points or 0.35 per cent to hit a fresh lifetime intra-day high of 83,184.34.

The Nifty went up by 27.25 points or 0.11 per cent to settle at 25,383.75. During the day, the benchmark gained 89.2 points or 0.35 per cent to hit a new intra-day record peak of 25,445.70.