Sensex, Nifty tumble after four days of record rally on profit-taking, weak global peers

Equity benchmark indices Sensex and Nifty tumbled on Friday as investors preferred to book profits after four days of record-breaking rally and weak trends from global markets.

Fall in blue-chip Reliance Industries also dragged the benchmarks lower.

The 30-share BSE Sensex hit its new all-time high of 81,587.76 in the initial trade but failed to carry forward the winning momentum and tanked 738.81 points or 0.91% to settle below the 81,000-mark at 80,604.65. During the day, it plunged 844.36 points or 1.03% to 80,499.10.

The BSE benchmark had hit the 81,000-mark for the first time on Thursday.

The NSE Nifty tumbled 269.95 points or 1.09% and ended at 24,530.90 after hitting its fresh record peak of 24,854.80 during the opening bell. During the day, it declined 292.7 points or 1.18% to 24,508.15.

Among the Sensex pack, Tata Steel tumbled over 5% while JSW Steel tanked nearly 5%.

Tata Motors, NTPC, UltraTech Cement, Tech Mahindra, Bajaj Finance, Power Grid, Mahindra & Mahindra, and Reliance Industries were the other major laggards.

Infosys climbed nearly 2% after the IT major reported a 7% rise in consolidated net profit at ₹6,368 crore in the April-June quarter and raised its growth outlook for the current financial year, signalling an improvement in the IT segment.

ITC, Asian Paints and HCL Technologies were the other gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the green.

European markets were trading lower.

The U.S. markets ended in negative territory on Thursday.

Global oil benchmark Brent crude declined 0.07% to $85.05 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹5,483.63 crore on Thursday, according to exchange data.

The BSE benchmark Sensex jumped 626.91 points or 0.78% to settle at a fresh closing high of 81,343.46 on Thursday.

The broader Nifty climbed 187.85 points or 0.76% to settle at an all-time closing high of 24,800.85.