India's Nifty 50, Sensex trim gains after hitting record highs

UPL

14/09/2023 08:58

** India's main indexes Nifty 50  .NSEI  and S&P BSE Sensex
 .BSESN  pare gains, after hitting fresh record highs earlier in
the session, on profit taking at higher levels
    ** Nifty 50 up 0.12%; Sensex up 0.05% as of 1:27 p.m. IST;
both blue-chip indexes had gained over 0.4% each to all-time
highs 
    ** Samrat Dasgupta, chief executive at Esquire Capital
Investment Advisors says "possibility of runaway rally in
benchmarks is unlikely" due to stretched valuations        
    ** Small-  .NIFSMCP100  and mid-caps  .NIFMDCP100  gained
over 1% each 
    ** The more-domestically focussed broader indexes saw their
worst session in 2023 on Tuesday, on concerns of irrational
exuberance among investors 
    ** Small- and mid-caps could see a correction, warn three
analysts    
    ** Metals  .NIFTYMET  and realty stocks  .NIFTYREAL  rose
over 1% each and were the top sectoral gainers        
    ** Hindalco Industries  HALC.NS , Tata Steel up over 3.5%
each; UPL  UPLL.NS  gains over 3% on hopes of sustained earnings
growth, margin expansion
    ** Asian Paints  ASPN.NS  leads losses in Nifty 50 after
Grasim Industries announced foray into paints business
    ** Asian equities have risen on expectations of rate pause
by U.S. Federal Reserve after core inflation moderated in August
  
    

 (Reporting by Bharath Rajeswaran and Archishma Iyer in
Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))