Mumbai: The 50-share NSE index Nifty Monday closed at all-time high of 8,344.25, while BSE benchmark Sensex set a fresh record of 28,027.96 points in early trade but failed to sustain the level and ended the day lower.
Brokers said cautious investors booked profits across counters as their hope of a rate cut has waned, pulling down the indices from their record high levels.
After opening on a strong note, the 30-share Sensex surged to hit new lifetime high of 28,027.96, surpassing the previous high of 28,010.39 recorded on November 5.
The index started losing momentum quickly and slipped into the negative territory to touch a low of 27,764.75 in volatile trade.
It finally ended the day at 27,874.73, 6.10 points higher than its previous close.
The 50-share Nifty closed moved up by 7.25 points, or 0.09 percent, to close at all-time high of 8,344.25 after hitting life-time high of 8,383.05 intra-day.
"The markets were seen trading with the sideways bias for the fourth successive session and closed almost unchanged in the end.... Profit taking retraced the entire gain and pushed it into the red.
"It was seen as reaction to the statement made by the RBI Deputy Governor indicating negligible possibility of rate cut in the upcoming monetary policy (on December 2). However, recovery in the later half trimmed the intra-day losses and helped index to close flat," said Jayant Manglik, President, Retail Distribution, Religare Securities.
Market players said sentiment was upbeat in the morning on hopes that the government will accelerate economic reforms process after expansion of the Union Cabinet, lifting the Sensex and Nifty to new highs.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 2,537.13 crore, according to provisional data from the stock exchanges.
ITC at 4.27 percent was the biggest Sensex gainer, followed by Sun Pharma 2.09 percent, Tata Power 2.03 percent, Dr Reddy's Lab 1.34 percent, Coal India 1.32 percent, HUL 1.28 percent, HDFC 1.17 percent, NTPC 1.14 percent, Wipro 1.05 percent and Hero Moto 1.02 percent.
However, ONGC fell by 3.59 percent, Hindalco 2.37 percent, Tata Motors 2.26 percent, Larsen 1.98 percent, Axis Bank 1.83 percent, Cipla 1.16 percent, Reliance Ind 1.16 percent and Icici Bank 1.10 percent.
Jignesh Chaudhary, Head Of Research, Veracity Broking Services, said: "Positive sentiments in the global market mainly driven by the better than expected Chinese export data helped BSE Sensex to touch new milestone of 28,027 and the Nifty to post new all time high of 8383.... Also the L&T earnings fell short of the estimates which dragged down the market further".
Mainland Chinese stocks led gains in Asian stocks after Chinese regulators said the exchange link between Hong Kong and Shanghai will debut on November 17. Key benchmark indices in China, Hong Kong, Taiwan, Singapore and South Korea finished higher in the range of 0.44 percent and 2.30 percent.
European stocks reversed initial losses today as investors weighed latest corporate results. Key indices in Germany, France and UK moved up by 0.19 percent to 0.39 percent.
"Among major news impacting market prices today, European Central Bank (ECB) decision to keep interest rates at record lows helped market maintain optimism and investment environment. Thus, Euro zone's benchmark lending rate will remain at 0.05 percent, while its deposit rate will stay at negative 0.20 percent, said Hiren Dhakan_Associate Fund Manager, Bonanza Portfolio.
Among the S&P BSE sectoral indices, FMCG rose by 2.81 percent, consumer durable 1.00 percent and Power 0.84 percent while Oil& Gas fell by 1.29 percent and Capital Goods 1.01 percent.
The total market breadth turned slightly negative as 1,510 stocks closed in the red, while 1,504 finished in the green. The total turnover declined to Rs 3,867.10 crore.
