Nifty, Sensex Fall From New Record As RIL, ICICI Bank, SBI Drag: Midday Market Update
As of 11:52 a.m., the NSE Nifty 50 fell 0.14% to 22,403.55 and the S&P BSE Sensex fell 0.049% to 73,840.82.
India's benchmark stock indices fell from the fresh record high during early trade on Thursday, weighed by losses in index heavyweights such as Reliance Industries Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd.
As of 11:52 a.m., the NSE Nifty 50 declined 31.10 points, or 0.14%, to trade at 22,403.55, and the S&P BSE Sensex fell 36.00 points, or 0.049%, to 73,840.82.
The Nifty hit a record high of 22,619.00 and the Sensex touched a new lifetime high of 74,501.73 as sentiments improved for risky assets after Federal Reserve Chair Jerome Powell indicated rate cuts are imminent this year despite resilient inflation in the US.
"The benchmark equity indices Sensex and Nifty commenced the trading session at unprecedented peaks, driven by significant gains in the heavyweight HDFC Bank. Additionally, the Nifty midcap index reached a milestone, breaching the 50,000 mark for the first time," said Shrey Jain, founder and chief executive at SAS Online.
"Looking ahead, we anticipate the Bank Nifty to maintain its positive bias, consolidating within the broader range of 47,500-48,000 throughout the trading day," Jain said.
Reliance Industries Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., ITC Ltd., and State Bank of India weighed on the index.
HDFC Bank Ltd., NTPC Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and Coal India Ltd. added to the gains in the index.
On NSE, nine sectoral indices declined, and three advanced. The NSE Nifty FMCG index fell the most among sectoral indices, and the NSE Nifty IT index rose the most among sectoral indices.
Broader markets were trading on a mixed note with the S&P BSE Midcap falling 0.06% and the S&P BSE Smallcap rising 0.29% through midday on Thursday.
On BSE, 14 sectors declined, six advanced. The S&P BSE Oil and Gas index declined the most among sectoral index, and the S&P BSE Utilities index rose the most among its peers.
Market breadth was skewed in favour of buyers. Around 2,155 stocks advanced, 1,515 stocks declined, and 134 stocks remained unchanged on BSE.
