Stock Market Today: Sensex, Nifty Retreat From Record Highs; Snap Three-Day Winning Streak

• The local currency closed 13 paise lower against the U.S. Dollar at 83.51.

• It closed at 83.38 on Friday.

Source: Bloomberg

After recording fresh highs in early trade, Indian benchmarks settled lower on Monday tracking losses in shares of Infosys Ltd., HDFC Bank Ltd., and Mahindra & Mahindra Ltd.

The NSE Nifty 50 settled 30.95 points or 0.13% lower at 23,259.20, and the S&P BSE Sensex ended 203.28 points or 0.27% down at 76,490.08.

The benchmarks also snapped a three-day winning streak with today's decline.

Intraday, the NSE Nifty 50 index rose 0.52% to fresh high of 23,338.70, and the S&P BSE Sensex rose 0.35% to record high of 77,079.40.

"Indian benchmark indices ended flat to negative after reaching an all-time high," said Mandar Bhojane, a research analyst at Choice Broking

The NSE Nifty 50, after a gap-up opening, made an all-time high at the 23,411.90 level. However, after a volatile session, it finally settled at the day's low, below the 23,250 level. If the price closes below the 23,200 level, it may see further correction down to the 23,100 and 23,000 levels, Bhojane said.

On the flip side, if the index closes above the 23,350 level, it could reach a new all-time high near 23,500 and above. The market is expected to remain sideways and volatile within the 23,100 to 23,400 range, he added.

Infosys Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Tata Consultancy Services Ltd., and Bajaj Finance Ltd. weighed on the benchmark index.

UltraTech Cement Ltd., Axis Bank Ltd., Power Grid Corp of India, Grasim Industries Ltd., and NTPC Ltd. limited losses in the index.

On NSE, five sectors settled lower, one remained flat, and six advanced. The NSE Nifty IT was the top dragging sector, and the NSE Nifty Media was the top performing sector.

The NSE Nifty Realty, Auto, and Pharma recorded fresh highs during the day.

On NSE, NSE Nifty Midcap 150 and NSE Nifty Smallcap 250 touched life time highs on Monday before settling 0.36% and 1.32% higher respectively.

Broader markets outperformed benchmarks. The S&P BSE Midcap rose 0.56%, and the S&P BSE Smallcap rose 1.04%.

On BSE, 14 sectors closed higher and six ended in negative out of 20. The S&P BSE IT was the top loser sector, while the S&P BSE Services emerged out to be the top gainer

Market breadth was skewed in favour of buyers. Around 2,630 stocks advanced, 1,362 stocks declined, and 137 stocks remained unchanged on BSE.

• GAIL (India) Ltd. intends to set up a 1500 KTA ethane cracker project at investment of Rs 60,000 crore in Madhya Pradesh.

• Madhya Pradesh to give 800 hectares of land for project.

Source: Exchange filing

• Landmark Cars Ltd. is sharing certain facilities with brands to optimise costs.

• It will shut down its Renault Juhu showroom in Mumbai as well.

Source: Exchange filing