India's benchmark stock indices fell through midday on Wednesday weighed by losses in financial services and metal stocks.
As of 12:28 p.m., the S&P BSE Sensex fell 247.77 points, or 0.4% to 65,682.34, while the NSE Nifty 50 declined 71.85 points, or 0.4% to 19,713.45.
Among sectoral indices, Nifty Realty and Nifty Bank declined the most, while Nifty Pharma and Nifty Energy advanced.
Despite a higher close on Nov. 21, both Nifty and Bank Nifty are grappling with the challenge of surpassing the crucial 19,800 zone, according to Ameya Ranadive, research analyst at Choice Broking.
"The Bank Nifty is contending with a crucial hurdle at the 44,000 level, which remains pivotal for a breakout," Ranadive said.
Bajaj Finance Ltd., Infosys Ltd., Larsen and Toubro Ltd., Power Grid Corp. of India and Titan Co. were positively contributing to the Nifty.
While, Maruti Suzuki Ltd., HDFC Bank Ltd., IndusInd Bank Ltd., ICICI Bank Ltd. and Kotak Mahindra Bank Ltd. were weighing on the index.
"In navigating the current market dynamics, a selective approach to stocks is advised, particularly in sectors such as Nifty Metals, Nifty Infra, and Nifty Auto, where positive momentum is witnessed," Ranadive said.
The broader markets underperformed their larger peers on Wednesday. The BSE Midcap was down 0.10% and the BSE SmallCap was 0.61% lower.
Eleven of the 20 sectors compiled by BSE Ltd. declined. BSE Realty fell the most.
The market breadth was skewed in the favour of sellers. About 1,635 stocks rose, 1,913 declined, and 157 remained unchanged on the BSE.
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