Closing Bell: Sensex drops 54 points to end at 40,248, Nifty also down by 24 points

Snapping its seven-session winning streak, equity benchmark BSE Sensex on Tuesday dropped 54 points as investors booked profits at higher levels. After swinging 413 points during the session, the 30-share Sensex settled 53.73 points, or 0.13 per cent, lower at 40,248.23. The index touched an intra-day low of 40,053.55 and a high of 40,466.55.

The broader NSE Nifty too slipped 24.10 points, or 0.20 per cent, to close at 11,917.20. Top losers in the Sensex pack included IndusInd Bank, Sun Pharma, Infosys, Tata Steel and M&M, shedding up to 2.40 per cent.

On the other hand, Yes Bank was the biggest gainer, rising 3.40 per cent, after ace investor Rakesh Jhunjhunwala bought approximately 1.3 crore shares of the company for around Rs 87 crore through open market transactions.

In the previous session, the 30-share Sensex rose 136.93 points, or 0.34 per cent, to end at an all-time high of 40,301.96. The seven-session winning run is also the best since mid-March for the Sensex. The index also hit its record intra-day high of 40,483.21. The broader NSE Nifty too advanced 50.70 points, or 0.43 per cent, to close at 11,941.30.

On the currency front, the rupee appreciated 4 paise against the US dollar to trade at 70.73 in early session. Brent futures, the global oil benchmark, rose 0.05 per cent to USD 62.16 per barrel.

Bajaj Finance, Bharti Airtel, SBI, Bajaj Auto, ITC, Hero MotoCorp and Tech Mahindra too rose up to 2.77 per cent. After rising for seven straight sessions, domestic equities took a breather as market participants booked profits at higher levels, traders said.

Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul settled higher on optimism over the US-China trade deal. Exchanges in Europe were also trading on a positive note in their respective early deals. Meanwhile, the Indian rupee appreciated by 10 paise to 70.66 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 0.82 per cent to USD 62.65 per barrel.