Taking Stock: Market slips from record high; realty, metal, FMCG take a hit

Taking Stock: Market slips from record high; realty, metal, FMCG take a hit

Except Nifty IT, all other sectoral indices ended in the red, with Nifty auto, energy, FMCG, metal, pharma and PSU bank down 1-3 percent





October 19, 2021 / 04:59 PM IST





On a day of volatile trade, benchmark indices hit record highs in the opening hours on October 19 only to slip on profit-booking to close in the red, snapping a seven-day winning streak.

The BSE Sensex touched a fresh high of 62,245.43 but gave up the gains to end 49.54 points, or 0.08 percent, lower at 61,716.05. Same for the Nifty, which rose to a record 18,604.45 but slipped 58.20 points, or 0.31 percent, to 18,418.80.

"Indices met with profit-taking today even as the IT index stood tall through the day, which indeed had several bouts of volatility," said S Ranganathan, Head of Research at LKP securities.

Market breadth, too, was weak, with declines outpacing advances led by big names in the FMCG sector, as the Street awaits a slew of primary market offerings, he said.

Broader markets, too, witnessed profit booking in several top performing midcap names, he said. The BSE midcap and smallcap lost nearly 2 percent each.

Tech Mahindra, L&T, Bajaj Finserv, Infosys and Kotak Mahindra