Sensex, Nifty Fall Amid Volatility As HDFC Twins Drag: Midday Market Update
At 11:58 a.m., the Sensex declined 134 points, or 0.21%, to 62,211.88, while the Nifty 50 fell 37 points, or 0.20%, to 18,362.40.
India's benchmark stock indices fell by midday after fluctuating between gains and losses on Tuesday. The media and NBFC sectors were under pressure, whereas PSU banks and realty shares gained.
Asian markets trimmed gains after China reported worse-than-estimated data that added to concern that the world’s second-largest economy is losing growth momentum. Mainland China stocks were mixed, with the Shanghai Composite Index flipping to a gain while the CSI 300 pared losses. Markets in Hong Kong pared gains after reports showed consumer spending and industrial activity both grew at a slower pace in April than expected.
Most Asian equities rose before the scheduled U.S. debt talks to avert a default and as traders digested the latest data from China. Meanwhile, Japan’s Topix index headed for its highest close since 1990 amid robust foreign buying.
As of 11:58 a.m., the S&P BSE Sensex declined 134 points, or 0.21%, to 62,211.88, while the NSE Nifty 50 fell 37 points, or 0.20%, to 18,362.40.
ICICI Bank Ltd., Infosys Ltd., Bajaj Finance Ltd., TCS Ltd., and State Bank of India were among the gainers on the Nifty 50.
HDFC Ltd., HDFC Bank Ltd., ITC Ltd., Mahindra and Mahindra Ltd., and Power Grid Corp of India Ltd. weighed on the index.
The broader markets outperformed their larger peers, with the S&P BSE MidCap gaining 0.72% and the S&P BSE SmallCap rising 0.55% by midday session on Tuesday.
Four out of the 19 sectors compiled by BSE declined, while 15 sectors advanced.
The market breadth was skewed in favour of the buyers. About 2,053 stocks rose, 1,258 declined, and 140 remained unchanged on the BSE.
