Nifty, Sensex Trade Near Day's Low; Realty Stocks Rise: Midday Market Update
L&T, M&M, ITC, Bajaj Finance and HDFC Bank contributed the most to the gains in the Nifty.
The benchmark equity indices traded the near day's low through midday on Friday after snapping a five-session losing streak at open. At 11:35 a.m., the NSE Nifty 50 was trading 32.20 points or 0.14% higher at 22,520.85, while the S&P BSE Sensex was 165.48 points or 0.22% up at 74,051.08.
The markets will likely be volatile on Monday on the eve of the Lok Sabha election results. Options data indicate that market participants are preparing for a 700-point move on either side of the Nifty in the next two–three sessions, according to Milan Vaishnav, founder of Gemstone Equity Research.
Shares of Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., ITC Ltd., Bajaj Finance Ltd. and HDFC Bank Ltd. contributed the most to the gains in the Nifty.
Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., State Bank of India, Axis Bank Ltd. and Tata Consultancy Services Ltd. weighed on the index.
Most sectoral indices fell, with the Nifty Media losing the most. The Nifty Realty was the top gainer.
The broader markets were mixed as the BSE MidCap was 0.42% lower, while the SmallCap rose 0.12%.
Seven out of the 20 sectoral indices on the BSE declined and 13 advanced. S&P BSE Realty rose the most.
The market breadth was skewed in the favour of the sellers as 2,103 stocks declined, 1,556 advanced and 113 remained unchanged on the BSE.
