Sensex, Nifty Snap Seven-Day Rally As Bharti Airtel, ICICI Bank, HUL Drag: Midday Market Update
Power Grid, HDFC Bank, Tata Consultancy Services, Adani Ports and Maruti Suzuki India were adding positively to the indices.
The benchmark indices snapped a seven-day winning streak and fell in early trade before coming off its day's low on Thursday.
As of 12.12 p.m. the NSE Nifty 50 was trading 17 points or 0.08% lower at 20,920.55, while the S&P BSE Sensex was 79 points or 0.11% down at 69,574.58. The Nifty and the Sensex declined as much as 0.42% and 0.48%, respectively during the day.
"Key support levels for Nifty are in the range of 20,675–20,725, with resistance identified at 20,960–21,000," Shrey Jain, chief executive officer of SAS Online, said. "Despite a minor pullback, overall market sentiments remain positive."
"Crude oil experiencing a continued decline and priced at $74, and the US bond yield stands at 4.1%. However, after 10 consecutive sessions of buying, starting from Nov. 22, a marginal selloff of 80 crore was observed yesterday," Jain said.
Power Grid Corp., HDFC Bank Ltd., Tata Consultancy Services Ltd., Adani Ports and Special Economic Zone Ltd. and Maruti Suzuki India Ltd., were adding positively to the indices.
Larsen & Toubro Ltd., Reliance Industries Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., and ICICI Bank Ltd. were weighing on the indices.
Sectoral indices were trading on a mixed note, with five out of the 13 sectors advancing, seven declining and one remaining flat. The Nifty Energy and Auto gained the most, while Media and FMCG fell the most.
The broader markets outperformed as the BSE MidCap was 0.46% higher and the SmallCap was 0.41% up. Six out of the 20 sectors compiled by the BSE declined, while 14 advanced. FMCG and Metal declined the most.
The market breadth was skewed in favour of the buyers. As many as 2,123 stocks rose, 1,458 fell and 161 remained unchanged on the BSE.
