India's benchmark stock indices fell during midday on Friday after the Nifty set a fresh lifetime high and the Sensex was 30 points from its record high. This was due to the decline of index heavyweight Reliance Industries Ltd.
At 13:16 p.m., the NSE Nifty 50 fell 234.9 points, or 1.04%, to 22,413.30, while the S&P BSE Sensex was trading 927.63 points, or 1.24%, lower at 73,683.48.
Nifty has been on a structural bull run, according to Amit Goel, founder of Amit Ventures, who recommends using every dip as an opportunity.
However, he does not expect any tearaway moves in the market. He added that 22,500 will act as resistance and 22,300 as support.
Shares of Reliance Industries Ltd. dragged the Nifty the most followed by Larsen & Toubro Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., and Tata Consultancy Services Ltd.
While those of Bajaj Finance Ltd., ICICI Bank Ltd., Coal India Ltd., Oil & Natural Gas Corp., and Grasim Industries Ltd. cushioned the fall.
All sectoral indices slipped into loss with Nifty PSU Bank, Nifty IT, and Nifty Realty down over 1%.
Broader markets also fell as S&P BSE Midcap was down 0.41% and S&P BSE Smallcap was 0.77% lower.
All 20 sectoral indices on the BSE fell, except S&P BSE Healthcare, which traded flat. S&P BSE Information Technology was the top loser.
The market breadth was skewed in the favour of sellers. Around 2,324 stocks fell, 1,308 rose and 159 were unchanged on the BSE.
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