Sensex, Nifty off Record Highs; Banking Shares Decline, IT Stocks Gain
The Indian equity benchmarks came off record highs hit earlier in the session as banking, financial services and capital goods shares came under selling pressure. However, buying in information technology shares capped the downside for the benchmarks. Earlier in the session, Sensex rose as much as 341 points to hit record high of 52,641.53 and Nifty 50 index touched an all-time high of 15,835.55. Reliance Industries, Infosys, Tata Consultancy Services and HDFC twins were among the top movers in the Sensex.
As of 12:18 pm, the Sensex was up 133 points at 52,434 and Nifty 50 index rose 13 points to 15,751.
Seven of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index's nearly 1 per cent decline. Nifty Bank, Financial Services, Media, Private Bank and Realty indices also declined 0.5-0.8 per cent.
On the other hand, Nifty IT index rose 1.65 per cent.
Mid-cap shares succumbed to selling pressure on account of profit booking wherein the Nifty Midcap 100 index fell 0.05 -per cent while Nifty Smallcap 100 index advanced 0.4 per cent.
Coal India was top Nifty gainer, the stock rose over 3 per cent to hit fresh 52-week high of Rs 165. Tata Consultancy Services, HCL Technologies, Infosys, Reliance Industries, Power grid, Bajaj Finance, Tech Mahindra, Dr Reddy's Labs, Tata Motors, Tata Consumer Products, Eicher Motors, Wipro and HDFC Bank were also among the gainers.
On the flipside, Adani Ports, State Bank of India, SBI Life, ICICI Bank, HDFC Life, IndusInd Bank, Grasim Industries, UPL and Axis Bank were among the losers.
The overall market breadth was neutral as 1,568 shares were trading higher while 1,476 were declining on the BSE.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
