Nifty, Sensex Fall From Record Highs As HUL, Infosys Decline: Midday Market Update
The NSE Nifty 50 and BSE Sensex erased gains after hitting life highs during the first two hours of Tuesday's session as declines in share prices of Hindustan Unilever Ltd., Infosys Ltd. pressured the benchmarks.
As of 12:05 p.m., the Nifty 50 was trading 22.05 points or 0.09% lower at 25,917.00, and the Sensex was trading 64.66 points or 0.08% lower at 84,863.95
Earlier in the day, the Nifty 50 rose as much as 0.16% to a fresh high of 25,981.50, and the Sensex rose 0.15% to a high of 85,058.55.
The Nifty 50 may touch 26,000 today. However, there's a possibility that the index may consolidate for sometime given the type of option setup is seen. 25,500 is a good entry point investors, said Kush Bohra, founder, Kushbohra.com, as he continues to be constructive.
The NSE Nifty Auto index scaled a fresh high. It rose as much as 0.60% to a record high of 26,966.95. Tata Motors Ltd., and Mahindra & Mahindra Ltd. were contributing the most gains in the index.
The NSE Nifty Metal index rose to the highest level since Aug 1 led by gains in Tata Steel Ltd., and Vedanta Ltd. The sentiment for these turned positive after China announced a slew of measures to struggling economy.
Hindustan Unilever Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., Axis Bank Ltd., and Bajaj Finance Ltd. weighed on the index.
Tata Steel Ltd., Larsen & Toubro Ltd., Power Grid Corp Ltd., Hindalco Industries Ltd., and ICICI Bank Ltd. added to the NSE Nifty 50 index.
On NSE, six sectors advanced, and six declined out of 12. The NSE Nifty FMCG declined the most, and the NSE Nifty Metal rose the most.
Broader markets were trading on a mixed note. The BSE Midcap was 0.02% higher, and Smallcap index was 0.10% lower.
On BSE, 10 sectors advanced, and 10 declined out of 20. The BSE Services was the worst performing sector. The BSE Metal rose over 2% to become the best performing sector.
The market breadth was evenly split between buyers and sellers. Around 1,916 stocks rose, 1,902 stocks declined, and 124 stocks remained unchanged on BSE.
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