India's benchmark indices were little changed during midday on Thursday as market participants consolidated their positions amid a lack of fresh triggers. Nifty witnessed another session of trading within a tight range around the 22,400 mark.
At 12:21 p.m., the NSE Nifty 50 was trading 0.45 points or 0.01% lower at 22,401.95, and the S&P BSE Sensex was trading 15.62 points or 0.021% lower at 73,837.32.
The Nifty 50 fell 0.43% to hit an intraday low of 22,305.25, and the Sensex declined 0.40% to touch 73,556.15 so far on Thursday.
"Analysis of option data indicates an increase in open interest for both at-the-money and near ATM call and put strikes, suggesting a continued period of consolidation. However, a clear move beyond the range of 22300 to 22450 will indicate a breakout," said Shrey Jain, founder and chief executive at SAS Online.
If the Bank Nifty breaks above 48,200, we expect short-covering activity. Until such a move occurs, consolidation is likely to persist within the range of 47,500 to 48,200. Traders are advised to consider buying opportunities during any downward movements in the market," Jain said.
Axis Bank Ltd., State Bank of India, ICICI Bank Ltd., ITC Ltd., and Tata Consultancy Services Ltd. added to the index.
Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., Titan Co. Ltd., Bajaj Finance Ltd., and Bharti Airtel Ltd. weighed on the index.
On NSE, out of 12 sectors, seven sectors advanced and five declined. The NSE Nifty PSU Bank index rose the most, while the NSE Nifty Realty index declined the most.
Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 0.19%, and the S&P BSE Smallcap rose 0.36%.
On BSE, 13 sectors out of 20 rose, and seven sectors fall. The S&P BSE Services rose the most, while the S&P BSE Realty index declined the most among peers.
Market breadth was skewed in favour of the buyers. Around 1,996 stocks advanced, 1,602 stocks declined, and 166 stocks remained unchanged on BSE.
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