Sensex slips from record, falls 85 pts; logs 5th weekly gains

Benchmark Sensex shed about 85 points to close at 38,251.80 today after three straight record-setting sessions on emergence of profit-booking amid caution in global markets. However, both the key indices Sensex and Nifty finished with gains for the fifth straight week.

Investors were also cautious after the rupee depreciated further against the US dollar to quote at 70.24 (intra-day).

Sentiment took a hit largely in sync with a weak trend in global markets amid escalating trade tensions between the US and China as talks between the two countries ended without any significant outcome.

The BSE 30-share barometer, after a higher start at 38,366.79, advanced to 38,429.50 in morning trade on continued buying by investors.

However, across-the-board profit booking at record levels pulled it down to a low of 38,172.77. It finally settled 84.96 points, or 0.22 per cent lower at 38,251.80.

The gauge had gained 673.20 points in the previous four sessions and closed at an all-time high of 38,336.76 yesterday.

The wider NSE Nifty too slipped from record but managed to close above the crucial 11,550 mark at 11,557.10 points, down 25.65 points or 0.22 per cent.

It shuttled between 11,604.60 and 11,532 during the session.

Yesterday, it had closed at a new life-time high of 11,582.75.

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This was the fifth weekly gain in a row for the benchmarks. During the week, the Sensex gained 303.92 points, or 0.80 per cent, while the Nifty rose 86.35 points, or 0.75 per cent.

Financials, pharma, FMCG, consumer durables, IT and auto stocks dragged the key indices down from record highs.

Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 142 crore on a net basis, while foreign institutional investors (FIIs) accumulated equities to the tune of Rs 433.21 crore yesterday, provisional data showed.