Sensex falls 59 points to 33,777.38, Airtel loses, RCom surges 34%

Key indices on Wednesday closed lower shutting down their record highs as investors and traders booked profit cashing in on the market rally.

The Sensex hit a fresh all-time high of 33,956 intra day in early trade breaching the earlier record level of 33,465. While Sensex fell 59 points to 33,777, Nifty was down 19 points to 10,444. Market breadth is positive with 1,587 stocks closing higher against 1,120 ending lower on BSE.

Bank of India's shares fell five per cent after the Reserve Bank of India kept the bank under watch for increasing bad loans. The central bank has placed the bank under Prompt Corrective Action Framework due to bad asset quality performance.

Bharti Airtel, Dr Reddy's and Tata Steel among others were the top losers for the day.

Largest private sector HDFC Bank is planning to raise up up to Rs 24,000 crore through a combination of preferential allotment and qualified institutional placement (QIP).

The bank in a notification to the stock exchange said that the board of directors has approved the fund raising plan which will shore up its capital and get the bank ready for the next phase of expansion.

HDFC Bank and its parent HDFC will be raising funds up to Rs 37,000 crore. HDFC Bank earlier had raised Rs 9800 crore in February 2015 through a mix of ADRs and a QIP.

About Rs 8500 crore will be raised through its parent Housing Development and Finance Corp Ltd . which will help it retain its 21% stake in the bank . The board of HDFC approved for a fund raising plan of Rs 13000 crore on December 19, 2017 part of which will be utilised to maintain its stake of 21% in HDFC Bank.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)