Sensex, Nifty turn flat after all-time high

Sensex, Nifty turn flat after all-time high

The Sensex closed at 34,010.61 points - up 70.31 points or 0.21 per cent from Friday's closing high of 33,940.30 points.

It was yet another day of records for stock markets Tuesday as both Sensex and Nifty closed at life highs, mainly because of some fag end buying by participants. About 1,527 shares declined against 1,212 advancing shares on the BSE. Sensex was down by over 16 points or 0.05% to 33,924.19 while the wider Nifty was down by over 2 points or 0.02% to 10,490.85. In the last two trading sessions, the stock has surged over 80%.

The BSE Midcap was up 0.36% and BSE Smallcap index gained 0.35%.

Provisional data with the exchanges showed that FIIs sold scrips worth Rs 44.07 crore while domestic institutional investors purchased stocks valued at Rs 544.50 crore. However, the index slipped soon after a brief moment of glory and the broader market was trading flat after the initial half an hour of trading. "Mid and small cap outperformed on expectation of improvement in rural demand supported by continued government reforms", said Vinod Nair, head of research, Geojit Financial Services.

Reliance Communications announces debt revival plan, ropes in new investor
Of this, Rs 25,000 crore is domestic debt and remaining Rs 20,000 crore is in the form of foreign loans and bonds. As per the SDR plan agreed in June, lenders were to convert at least Rs 7,000 crore in debt into equity.

On the currency front, the Indian rupee weakened by seven paise to close at 64.15 against the USA dollar from its previous close at 64.08.

-Jayant Manglik, President, Retail Distribution, Religare Securities Pharma stocks defied the bearish sentiment with stocks such as Sun Pharma, Divi's Laboratories, Glenmark, Dr Reddy's Laboratories and Aurobindo Pharma gaining over 1 per cent each.

NTPC lost big time, down 1.03 per cent, followed by M&M and Coal India.

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