Sensex, Nifty Extend Losses Ahead Of Budget

Carla Harmon
February 1, 2018

Besides, investors turned cautious and booked profits ahead of the presentation of the Union Budget 2018-19 on Thursday.

The Sensex has so far touched a high of 36,047.67 points and a low of 35,834.04 points during the intra-day trade. The Nifty50 fell 22 points to end at 11,028, while the Sensex lost 69 points at 35,965.

The Nifty also retreated from its life highs, but managed to close above the crucial 11,000-mark.

The index had gained 232.81 points on Monday and closed at a record high of 36,283.25.

"Investors are awaiting the big budget day while the expectation for this budget is muted compared to what was anticipated over the last two years. Some tinkering can be expected on corporate and individual taxation fronts", said Vinod Nair, Head of Research, Geojit Financial Services. Meanwhile, foreign portfolio investors bought shares worth a net of Rs 291.86 crore, while domestic institutional investors made purchases to the tune of Rs 90.08 yesterday, provisional data showed.

However, Dr Reddy's Labs, Tata Steel, Lupin, UPL, Indiabulls Housing Finance were among the top losers in the Nifty pack of stocks.

The BSE market breadth was bearish as 1,911 stocks declined against 799 advances.

Most Asian markets were lower in their opening trade.Hong Kong's Hang Seng was down 0.30 per cent, Japan's Nikkei shed 0.64 per cent and Shanghai Composite Index was down 0.41 per cent. Major indices in France and Germany were up by 0.26 per cent and 0.32 per cent, respectively ahead of US Federal Reserve's interest rate decision.

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