Nifty 50 and Sensex reach new peak levels but close with losses due to profit booking

NIFTY 50 was up 40 points or 0.17% at 24,245.50, suggesting a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Asian markets mostly rose on Tuesday morning following the strong gains seen in the overnight US market. The Nikkei 225 in Japan was up 0.29% and trading at 39,747. The Kospi, a Korean stock market index, decreased by 0.78% to reach 2,782.50. The Asia Dow saw a 0.23% increase in trading, reaching 3,595 points. Hang Seng remained unchanged at a level of 17,719.

Recently, the Indian stock market has been characterized by a strategy of selling on rallies and buying on declines. The trend persisted on Tuesday, July 2, with the Nifty 50 and Sensex hitting new record highs during intraday trading but ultimately closing with slight losses due to poor global signals.

Even though Nifty 50 reached a new peak of 24,236.35, it ended the session down by 18 points, or 0.07 %, at 24,123.85. The 30-stock index Sensex reached a new all-time high of 79,855.87 before falling 35 points, or 0.04%, to end at 79,441.45.

The index was pulled down due to profit booking in certain major stocks like ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, and SBI. At the same time, HDFC Bank, Larsen & Toubro, Infosys, and TCS helped to minimize the losses of the main indices by holding up their shares.