Mumbai: The benchmark BSE Sensex retreated from record high levels to close flat at 32,383.30 due to selling in IT, pharma, oil&gas and teck stocks. The Sensex closed marginally higher by 0.84 point at 32,383.30.
During the day, the barometer rallied over 260 points to touch fresh high of 32,642.91 following buying spree in financials, banks, realty, auto, IT, FMCG and oil & Gas stocks. However, late selling in bluechips like Reliance Industries, ITC, Infosys, TCS and Bharti Airtel dragged down the index from record level to close flat.
The 50-share Nifty of NSE scaled all-time high of 10,114.85 points in day trade but closed flat at 10,020.55 as with 33 index constituents ended with losses.
Markets pared gains due to late sell-off on expiry of July series derivatives contracts and profit-booking at record levels amid disappointing earnings by some bluechip companies, brokers said.
Dr Reddy's that reported over 57 per cent drop in net profit fell over 3 per cent and was the biggest loser among index scrips. RIL, ITC, Infosys, TCS and Bharti Airtel fell up to 2.76 per cent. However, strong gains in banking stocks like HDFC Bank, Kotak Bank, SBI and HDFC helped the index to limit losses....