Stocks retreat from record on profit booking; rupee drops 6p

TIL Desk/Business/Mumbai/ The benchmark BSE Sensex retreated from record highs, dropping by 69.74 points in late morning trade on bouts of profit-booking in recent gainers led by consumer durables, banks, capital goods, financials and auto shares.

Caution crept in ahead of quarterly results by index heavyweights. Tata Consultancy Services will announce its Q3 results tomorrow, while Infosys will declare results on Friday. Also, crude oil hit the highest levels since 2014 today due to ongoing production cuts led by OPEC.

Earlier, the Sensex Sensex hit new life-time intra day high of 34,565.63 in opening session. The 30-share Sensex was trading lower by 69 points or 0.20 per cent at 34,373.45 1230 hrs. The broader Nifty of the NSE was trading down by 27.55 points, or 0.26 per cent at 10,609.45.

Realty, telecom and energy segments saw buying interest.Major losers were Asian Paint 1.35 per cent, Yes Bank 1.20 per cent, Tata Steel 1.00 per cent, Dr Reddy 0.92 per cent and Tatamtrdvr 0.80 per cent.