MUMBAI: The equity markets failed to sustain their winning momentum after hitting a near two-year high on Thursday as investors turned cautious at higher levels and booked profits in frontline pharma and bank stocks.
Tracking gains in US equities, which rallied to a record high on Wednesday, both the Sensex and Nifty opened the trading session on a solid note and touched their highest level since March 2015.
While the Nifty hit an intraday high of 8,992.50 rising as much as 0.52 per cent, the Sensex hit an intraday high of 29,145.62 gaining 0.56 per cent in the initial hours of trading.
However, heavy selling in pharma and select bank stocks led to a sharp slump in both the benchmark indices. The Nifty fell 92.75 points or 1.03 per cent from its day’s peak to end the session at 8,899.75.
On the other hand the Sensex slumped 305.83 points or 1.04 per cent from its days high to close the session at 28,839.79.
