Stock markets today: Nifty, Sensex inch lower as banks, Reliance slip

Indian stock markets today pulled back on Wednesday from record closing highs hit in the previous session, with banking stocks slipping ahead of a top court hearing on loans under moratorium. The NSE Nifty 50 index fell 0.1% to 13,095.55 by 0349 GMT, while the benchmark S&P BSE Sensex was down 0.18% at 44,576.51.

Both indexes had gained more than 1% on Tuesday, after a sharp rally in November on hopes for a coronavirus vaccine. The Nifty Banking Index slipped 0.4%, with top private-sector lender HDFC Bank Ltd down 0.8%.

The Supreme Court is set to hear a case on waiving interest on loans under moratorium on Wednesday, with banks hoping that the apex court will not offer any more reprieve to borrowers.

India`s most valuable company, Reliance Industries Ltd, fell 0.8%, while a rise of nearly 4% in Tata Motors Ltd after reporting higher November sales helped limit losses in the Nifty 50.

Fast food restaurant chain Burger King`s India arm opened its 8.1 billion rupees ($110.34 million) initial public offering for subscription on Wednesday.

Tech Mahindra was the biggest loser among 30 Sensex stocks, dropping by 0.74 per cent, reports PTI.

Among other IT stocks, TCS and Infosys declined up to 0.46 per cent.

HDFC twins dropped up to 0.64 per cent in opening trade, dragging the index down. Index major Reliance Industries fell 0.21 per cent.

Among gainers, Tata Steel rose the most by 1.49 per cent, Titan by 1.41 per cent and Asian Paints by 1.29 per cent.

Auto, FMCG and Infra stocks were trading in the positive territory with L&T rising by 1.23 per cent.

Equity benchmark indices Sensex and Nifty had rallied to fresh lifetime highs on Tuesday, backed by gains in IT and finance stocks amid persistent foreign capital inflows.

The 30-share BSE Sensex zoomed 505.72 points or 1.15 per cent to end at its fresh closing record of 44,655.44. Similarly, the broader NSE Nifty surged 140.10 points or 1.08 per cent to close at its all-time high of 13,109.05.

Meanwhile, other Asian markets shed early gains due to profit booking.

Tokyo stocks dropped by 0.17 per cent and China by 0.22 per cent. Australian stocks also dropped 0.38 per cent.

Oil prices dropped in Asia with the benchmark, Brent Crude, falling by 0.53 per cent to USD 47.16 per barrel.

The story has been taken from a news agency