Sensex Ends Flat After Hitting Record High

The BSE Sensex and Nifty ended flat on Tuesday after hitting record highs for the third consecutive session as gains in defensive stocks such as healthcare and technology were offset by profit-taking in the broader market. Investors took profits in recent outperformers such as Oil and Natural Gas Corp., while recent underperformers such a Infosys Ltd saw some buying interest. However, the sentiment remained upbeat as investors are optimistic ahead of the newly formed Modi government's first Union budget, expecting promises on the revival of the domestic economy. Overseas investors, who have been supporting the rally in the Indian market, bought shares worth $90.83 million on Monday, in a sixth straight session of buys. FIIs have bought Indian shares worth $9.4 billion so far this year. "The outlook is positive and there is nothing that warrants a sell-off. However, we advise our clients to be stock specific. We do expect some more upside from the current levels," said Daljeet S Kohli, head of research at brokerage IndiaNivesh. "Investors will be waiting for the Union budget, which would be the next big trigger and the first documentation of what the new government will be doing," he added. The Sensex ended 0.01 per cent higher at 25,583.69, while the Nifty closed up 0.02 per cent at 7,656.40. Earlier in the session, the Sensex rose as much as 0.51 per cent to hit a record high of 25,711.11, surpassing the highest level of 25,644.77 hit on Monday. The Nifty rose 0.37 per cent to hit a fresh all-time high of 7,683.20, crossing the level of 7,673.70 touched on Monday. ONGC fell 2.78 per cent, adding to its 2.7 per cent fall on Monday after it rose 12.1 per cent to an all-time high on Friday. Larsen and Toubro ended 0.75 per cent lower after gaining 3.6 per cent on Monday on profit-taking. The stock is still up 62.5 per cent so far this year. Among other blue-chips, shares in Reliance Industries Ltd fell 0.4 per cent, while Bharat Heavy Electricals Ltd closed down 2.72 per cent. Real estate companies fell sharply with the BSE realty index falling 2.96 per cent on profit-taking. Shares in DLF Ltd ended 3.4 per cent lower, while Unitech Ltd closed down 3.2 per cent. Both the stocks are still up 11 per cent and 31.9 per cent respectively so far this month. However, stocks in defensive sectors such as technology and healthcare saw some buying interest as investors look to reduce risk and volatility in their portfolios as local indexes edge lower on profit-taking. Among technology stocks, Infosys Ltd gained 2.97 per cent, Tech Mahindra Ltd gained 2.5 per cent and Wipro Ltd ended 2.6 per cent higher. Cipla Ltd closed 2.8 per cent higher while Dr Reddy's Laboratories Ltd ended 1.8 per cent higher.. Copyright: Thomson Reuters 2014

Sensex Ends Flat After Hitting Record High

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