FINAL TRADE: Nifty, Sensex retreat from record highs dragged by IT stocks

Stock market today: Benchmark equity indices slipped into red territory on Monday, June 10 after hitting fresh highs in early trade cheering Narendra Modi’s continuation as the country’s Prime Minister for the third term on Monday, June 10 amid drop in information technology stocks due to US rate cut concerns. 

The 30-share BSE Sensex slipped 203.28 points or 0.27 per cent to settle at 76,490.08. Sensex breached the 77,000 mark for the first time. Meanwhile, NSE Nifty shed 30.95 points or 0.13 per cent to settle at 23,259.2 after scaling an all-time high of Rs 23,411.9.

Among the Nifty companies, 27 were advancing while 23 were declining. Tech Mahindra, Infosys, Wipro, LTIMindtree, and Bajaj Finance were the top decliners in the Nifty 50 universe while UltraTech Cement, Graism, Hero MotoCorp, Power Grid, Bajaj Auto, and Cipla led the gains.

The domestically focussed Nifty SmallCap 100 was up 1.51 per cent, while Nifty MidCap100 settled flat.

The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank settled flat at 49,780.9, down 0.04 per cent. Nifty IT shed 1.83 per cent to settle at 34,526.25. 

Global Market

World stocks were mostly lower on Monday after a US jobs report released Friday came in hotter than expected, while the euro fell after French President Emmanuel Macron dissolved the National Assembly following a setback in Sunday's parliamentary election. Far-right parties made major gains in parliamentary elections Sunday, leading French President Emmanuel Macron to call a snap election. This caused the euro to drop to its lowest price in nearly a month. 

(With agency inputs)

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