Nifty Retreats after hitting 18K

Mumbai: The Nifty-50 Index rallied above the 18000- mark for the first time and touched a high of 18,041.95 aided by financials, auto and power sector stocks but later weak global cues, weakening of rupee  and earnings season uncertainties led to profit taking.

The index finally closed at 17,945.95 up 50.75 points or 0.28 per cent.

The index had hit 17,000 on August 31, 2021 and 16,000 on August 3, 2021, making the last 1000 points journey second fastest since its launch.

Good earnings expectations lifted Nifty Bank (1.37 per cent), Auto (2.67 per cent) and Metal (1.50 per cent) indices.

Tata Motors gained 9.10 per cent at close to Rs 417.80 while index heavy weight Reliance Indus-tries made a new life time high of Rs 2,720 before profit taking.