The market erased all its morning gains, with the Sensex losing over 150 points from early highs to trade with moderate losses due to profit booking on Tuesday. North Korea’s missile launch did not hit market sentiment.
Overall it was a consolidation, especially after its 300-point rally in previous session on hopes of much lesser-than-expected impact of GST on earnings. This rally was especially after almost a month of consolidation.
After GST, the market is looking for fresh trigger which could be June quarter earnings that will begin next week.
More than 100 stocks hit 52-week highs despite consolidation in the market. Amongst them, 33 stocks touched fresh record highs which are Entertainment Network India, ICICI Prudential Life Insurance Company, Meghmani Organics, MEP Infrastructure, Mahindra Holidays, Page Industries, Skipper, TeamLease Services, Triveni Turbine, Venky’s and V-Mart Retail.
Godrej Consumer Products, Grasim Industries, Emami Infrastructure, Aditya Birla Money, Aditya Birla Nuvo, SPML Infra, Tata Steel, Lakshmi Machine Works, Transport Corporation of India, Godrej Industries, Ashok Leyland, Shiva Cement, Marico, Tinplate Company of India and Thomas Cook hit fresh 52-week highs.