Benchmark equity indices of India were off their respective lows of the day as shares of Infosys and Bharti Airtel rose. However, indices were trading lower as losses in banks weighed on them. They had opened higher tracking global markets after US jobs data, but gave up gains in early trade.
At 12:23 p.m., the Nifty was at 24,940.65, down 0.30% or 73.95 points and Sensex was at 81,548.34, down 0.17%, or 140.11 points. India VIX was trading 6% higher at 14.96 level.
Kush Bohra, founder of Kushbohra.com expects today's session to be a day of consolidation but he said technical hourly charts are suggesting positive divergence and a rebound in near-term. "In terms of put-call ratio, Bank Nifty and Nifty are going to oversold territory also suggesting rebound," he said.
Bohra said if the Nifty trades above 24,700-24,800 support zone, he expects a rebound otherwise markets will see a downtrend.
Shares of HDFC Bank Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., Titan Co. Ltd., and Power Grid Corp. Of India Ltd. kept the Nifty lower.
While those of Infosys Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., ITC Ltd., and Bajaj Finance Ltd. helped Nifty pare losses.
All sectoral indices were trading lower except Nifty IT. Nifty PSU Bank fell the most.
Broader indices underperformed, with BSE Midcap trading 1.5% lower and BSE Smallcap 2.5% lower.
Except BSE IT and BSE Teck, all sectoral indices fell. BSE Utilities fell most.
Market breadth was skewed in the favour of sellers. As many as 3,319 stocks fell, 621 rose, and 125 remained unchanged on the BSE.
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