Nifty, Sensex Trade Flat After Hitting New Highs: Midday Market Update
Ten out of the 12 sectors on the NSE were trading higher, with the Nifty PSU Bank and Realty advancing the most.
The benchmark stock indices swung between highs and lows throughout the session till midday on Monday as positive first-quarter earnings kept the market buoyant, but recent tax tweaks weighed on investors' sentiments.
The NSE Nifty 50 and the S&P BSE Sensex opened at a fresh record high and later surged as much as 0.66% and 0.71%, respectively, during the day.
As of 12: 25 p.m., the Nifty was trading at 24,839.1, up 0.02% or 4.3 points, while the Sensex was at 81,301.2, down 0.04% or 32 points.
The undercurrent of this bull market has turned stronger on positive cues, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services. "The soft-landing scenario for the US economy and expectation of a rate cut by the Fed in September are intact."
In the current scenario, the market is likely to ignore the valuation concerns and march ahead, he said.
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ICICI Bank Ltd., Larsen & Toubro Ltd., State Bank of India., Reliance Industries Ltd. and HDFC Bank Ltd. led the gains in the Nifty.
Bharti Airtel Ltd., Titan Co., ITC Ltd., Tech Mahindra Ltd., and Power Grid Corp. were weighing on the index the most.
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Ten out of the 12 sectors on the NSE were trading higher, with the Nifty PSU Bank and Realty advancing the most. The Nifty IT fell the most.
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The broader indices were also higher in trade as the BSE MidCap rose by 0.69%, while the SmallCap was 1.15% up.
Fourteen out of the 20 sectoral indices on the BSE advanced, with Capital Goods rising the most.
The market breadth was slightly skewed in the favour of the sellers as 2,527 stocks rose, 1,378 declined and 157 remained unchanged on the BSE.
