Nifty Pares Gain After Hitting Record High; Sensex Below 73,800: Midday Market Update
At 12:19 p.m., Nifty was trading 0.47% lower at 22,387.30, and Sensex was down 0.52% at 73,731.28.
The Nifty fell after hitting a fresh record high during the opening trade on Monday as shares of HDFC Bank Ltd., ICICI Bank Ltd., and Infosys Ltd. dragged. Sensex, likewise, was trading down.
At 12:19 p.m., the NSE Nifty 50 was trading 106.25 points, or 0.47%, lower at 22,387.30, and the S&P BSE Sensex was down 388.11 points, or 0.52%, at 73,731.28.
Intraday, Nifty hit a fresh record high of 22,526.60, and Sensex rose to touch 74,187.35.
"Market focus is now on the upcoming U.S. CPI and PPI reports, ahead of the crucial Fed FOMC meeting. Despite potential early tremors at Dalal Street, it's seen as an opportunity for long positions. Nifty technicals suggest a trading range between 21,500 and 23,000, with critical support and resistance levels identified. The market is also watching several IPOs launch this week amidst a backdrop of record SIP inflows, a weaker U.S. dollar, and falling Treasury yields," said Prashanth Tapse, senior vice president, research at Mehta Equities Ltd.
Shares of Bharti Airtel Ltd., Bajaj Finserv Ltd., HCL Technologies Ltd., Nestle India Ltd. and Sun Pharmaceutical Industries Ltd. positively contributed to changes in the Nifty.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., and State Bank of India weighed on the index.
On NSE, 11 sectors declined, and one advanced. The Nifty Media fell the most at 2%, dragged by PVR-Inox Ltd.
Nifty Pharma rose 0.74% to become the top performer.
Broader markets were trading lower on BSE. The S&P BSE Midcap fell 0.12% and S&P BSE Smallcap slipped 1.56% during midday trade on Monday.
On BSE, 19 of the 20 sectors declined, and one advanced. S&P BSE Telecommunication fell over 1% to be the top loser. S&P BSE Healthcare was the only sector trading in positive.
Market breadth was skewed in the favour of the sellers. Around 2,706 stocks fell, 1,104 stocks rose, and 150 remained unchanged on BSE.