Nifty off early high after hitting 10,000; banks lead, IT & pharma dip
Equity benchmarks came off early highs after the Nifty surpassed 10,000 level in opening. Banks and telecom stocks gained while technology, healthcare, oil and infra stocks were under pressure.
The 30-share BSE Sensex was up 16.33 points at 32,262.20 and the 50-share NSE Nifty gained 6.20 points at 9,972.60 amid volatility.
The market breadth was in favour of declines as about 1,078 shares declined against 991 advancing shares on the BSE.
The US markets ended mixed on Monday but Nasdaq hit a record high ahead of a big week of technology earnings reports. The S&P 500 and the Dow industrials lagged behind as losses in healthcare heavyweight Johnson & Johnson took a toll, said a Reuters report.
The major US indexes are trading around record-high levels with a huge batch of second-quarter corporate reports due this week.
HDFC Bank shares touched fresh record high of Rs 1,756 following thumbs up from brokerage houses post better-than-expected earnings despite farm loan waiver concerns.
Bharat Iyer of JPMorgan said the research house believes FY18 consensus earnings growth numbers remain vulnerable to further cuts particularly for consumer discretionary and financials.
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