Nifty, Sensex Trade Lower As Financial Services Drag: Midday Market Update
Seven out of the 12 sectors on the NSE advanced, with the Nifty Realty declining the most and Nifty Media saw the most gains.
The Indian benchmark indices were trading lower through midday on Thursday as shares of HDFC Bank Ltd., ICICI Bank Ltd. and Bajaj Finance Ltd. dragged.
As of noon, the NSE Nifty 50 was trading 53.60 points or 0.22% lower at 24,270.85, and the S&P BSE Sensex was trading 229.09 points or 0.29% down at 79,695.68.
During the day, Nifty declined as much as 0.37% to 24,234.50 and the Sensex fell 0.43% to 79,579.11.
"We expect volatility to increase in the second half with respect to the weekly expiry," Vikas Jain, senior research analyst at Reliance Securities, said. "The highest call open interest has moved higher to 24,500 strikes, while on the downside, the highest put OI is at 24,200 for the weekly expiry."
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HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., Axis Bank Ltd. and Bharti Airtel Ltd. weighed on the Nifty the most.
ITC Ltd., Coal India Ltd., Tata Motors Ltd., Oil and Natural Gas Corp. and State Bank of India limited losses in the index.
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Seven out of the 12 sectors on the NSE advanced. The Nifty Realty declined the most, while Nifty Media rose the most.
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The broader markets outperformed the benchmark indices as the BSE MidCap and the BSE SmallCap rose 0.20% and 0.48% respectively.
On the BSE, 13 sectors advanced and seven declined, with Realty emerging as the top losing sector, while oil and gas was the best performing sector.
The market breadth was skewed in favour of the buyers as 2,125 stocks rose, 1,602 declined and 142 remained unchanged on the BSE.
