Nifty, Sensex Set To Snap Four-Day Rally As RIL, IT Stocks Drag: Midday Market Update
Infosys, Reliance Industries, Tata Consultancy Services, ICICI Bank and HDFC Bank dragged the Nifty.
India's benchmark stock indices snapped a four-day record rally to trade lower through the midday of Tuesday on likely profit booking ahead of key economic data releases in the US.
At 11:51 a.m., Nifty was trading 77.90 points, or 0.35%, lower at 22,327.70, and the Sensex fell 293.53 points, or 0.4%, to 73,578.76.
"Any potential correction (of Nifty 50) towards the 22,300 could prompt fresh long positions," said Shrey Jain, founder and chief executive officer at SAS Online.
The Nifty is expected to move towards the 22,500 level in the coming days, he said.
Shares of Infosys Ltd., Reliance Industries Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and HDFC Bank Ltd., dragged the Nifty.
Meanwhile, those of Tata Motors Ltd., State Bank Of India, Bharti Airtel Ltd., Mahindra & Mahindra Ltd., and Bajaj Auto Ltd. cushioned the fall.\
Most sectoral indices were lower with Nifty Media and Nifty IT falling the most. Nifty PSU Bank and Nifty Auto gained.
Broader markets also fell, with the S&P BSE Midcap falling 0.13% and the S&P BSE Smallcap easing 0.45% by midday on Tuesday.
On BSE Ltd., out of the 20 sectors 10 declined. The S&P BSE Teck fell the most.
Market breadth was skewed in favour of the sellers. Around 2,373 stocks fell, 1,291 rose, and 128 stocks remained unchanged on BSE.