Benchmark equity indices recovered from their early fall and rose through midday, as shares of Axis Bank Ltd. and ICICI Bank Ltd. led gains. Shares of Axis Bank rose a day after detailing quarterly results.
At 11:57 a.m., the NSE Nifty 50 was at 24,781.55, up by 0.13% or 31.70 points and the S&P BSE Sensex rose 0.04%, or 32.92 points to 81,039.53. In its report, SBI Securities said that markets continued to face FII selling pressure ending the weekly expiry 0.89% lower (Nifty).
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According to the brokerage, 24,860-24,880 will act as an important resistance and till 24,880 is not surpassed, "we can see index retest 24,670-24,650 support levels". With breakdown below 24,650, index can continue its downward move towards 24,520-24,500 zone.
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"A surge and sustenance above 24,880, further rally up to 24,980-25,000 will be on the cards," it said.
Shares of Axis Bank Ltd., ICICI Bank Ltd., Tata Motors Ltd., NTPC Ltd., and Wipro Ltd. positively contributed to changes in the Nifty 50.
While those of Infosys Ltd., ITC Ltd., Hindustan Unilever Ltd., HDFC Bank Ltd., and HCLTech Ltd. minimised the upside.
On NSE, most sectoral indices traded higher, with Nifty Metal rising the most. Nifty IT fell the most.
Broader indices declined and underperformed the benchmark indices. BSE Midcap fell 0.2% and BSE Smallcap fell 0.4%.
Of the 20 sectors on BSE, 10 rose and 10 fell. BSE IT declined the most.
Market breadth was skewed in the favour of sellers. As many as 2,109 stocks fell, 1,620 rose, and 152 remained unchanged on the BSE.
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