Money News

Sensex, Nifty pull back from record highs

A screen displaying an image of India's Prime Minister Narendra Modi is seen on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, May 23, 2019. REUTERS/Francis Mascarenhas

(Reuters) - Indian shares ended lower on Thursday, after hitting record highs earlier in the session as Prime Minister Narendra Modi scored a thumping victory in the general elections.

Modi’s Bharatiya Janata Party was leading in 299 of the 542 seats contested in the lower house of the parliament as of 1013 GMT, official data from the Election Commission showed.

The benchmark Sensex closed down 0.76% at 38,811.39, with investors booking profits after it crossed 40,000 for the first time ever.

The broader Nifty ended 0.69% lower at 11,657.05, having eclipsed 12,000 earlier in the session.

The Nifty rose 64.8% during Modi’s first term through Wednesday’s close, and the Sensex gained 63.6%.

Adani Ports and Special Economic Zone and Zee Entertainment Enterprises were the top percentage gainers on the Nifty, closing up over 5% each.

Vedanta Ltd closed down 5.4%, while Eicher Ltd settled 4.3% lower.

Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu