Tags: Sensex scales another peak of 30346.69

The bulls took a breather today after extending gains in the first half.

In what started as a massive market rally, Sensex and Nifty saw lifetime highs in trade today only to reverse gains to trade flat as the market inched towards the closing bell. The banking index and the midcaps also more or less replicated the benchmark indices.

Both Sensex and Nifty traded at a new life time high. The market breadth was positive as 1,551 shares advanced against a fall of 789 shares, while 127 shares were unchanged.

So above 9370 maintain long-positions.

Hindustan Unilever (down 1.1%), another prominent gainer in the previous session, is also down due to profit taking.

Auto stocks rallied on expectations of lower interest rates after a better monsoon forecast eased inflation fears in a country that depends heavily on rains to irrigate its farmlands.

However, Bharti Airtel fell 2.21 per cent, GAIL 2.14 per cent, ONGC 1.94 per cent, HUL 1.78 per cent, Axis Bank 1.69 per cent, NTPC 1.39 per cent, Coal India 1.20 per cent, Power Grid 1.14 per cent and Tata Motors 1.08 per cent.

The scrip is now trading 3.61 per cent higher on the NSE.

The made net investments worth of Rs 333 crore in equities, the stock exchange provisional data shows.

European shares pulled back on Wednesday from 21-month highs hit after strong earnings while the dollar fell on concerns that US President Donald Trump's dismissal of his Federal Bureau of Investigation chief could make passage of his tax reform plans more hard. State Bank of India and Bank of Baroda climbed 0.8 per cent and 1 per cent, respectively.

The Nifty PSU bank index rose as much as 0.91 per cent. "After opening on a positive note, Nifty shifted into narrow range movement for the whole day", Deepak Jasani, Head (Retail Research), HDFC Securities, told IANS. Overseas, Asian markets ended mixed, with Hong Kong's Hang Seng rising 0.51 per cent and Japan's Nikkei gaining 0.29 per cent.

Major Sensex losers were: ITC, down 1.48 per cent at Rs 272.95; HDFC, down 1.08 per cent at Rs 1,529.80; Larsen and Toubro, down 0.94 per cent at Rs 1,708.65; Bajaj Auto, down 0.94 per cent at Rs 2,863; and Adani Ports, down 0.75 per cent at Rs 342.30.

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