India's benchmark stock indices fell by midday on Wednesday after swining between gains and losses as index heavyweights ICICI Bank Ltd. and Infosys Ltd. dragged. The Nifty held above 19,500, whereas the Sensex slipped below the 65,700 level.
Metals and PSU banks dragged, while pharmaceutical and healthcare stocks gained.
As of 12:03 p.m., the S&P BSE Sensex fell 88 points, or 0.13%, to 65,692.45, while the NSE Nifty 50 declined 30 points, or 0.15%, to 19,545.15.
Asian stocks traded mixed, with benchmark indexes fluctuating in Hong Kong and mainland China but rising in Japan for an eighth day. Chinese property developers extended their gains, with Sunac China Holdings Ltd. up more than 70% before retreating on speculation that more stimulus will come. European and U.S. equity contracts dropped.
The S&P 500 ended below 4,500 on Tuesday, while an index of small caps slid about 2% and a gauge of homebuilders sank 5.5%.
Oil steadied near its highest level since November. Its recent gains pose a headwind for much of Asia and put upward pressure on inflation, which in turn keeps policy interest rates high and drags on economic growth. Brent rose above $90 a barrel Tuesday as the largest OPEC+ producers extended their supply cuts to year-end.
Rupee was trading at the 83 level against the U.S. dollar, whereas the yield on the 10 year bond stood at 7.22%.
HDFC Bank Ltd., Bharti Airtel Ltd., ITC Ltd., Sun Pharmaceutical Industries Ltd., and Hindustan Unilever Ltd. were positively contributing to the Nifty 50.
Whereas, ICICI Bank Ltd., Infosys Ltd., Axis Bank Ltd., NTPC Ltd., and Tata Steel Ltd. were weighing on the index.
The broader market indices pared early gains to trade marginally lower; the S&P BSE MidCap Index was down 0.05%, whereas the S&P BSE SmallCap Index was 0.07% lower.
Fifteen of the 20 sectors compiled by BSE Ltd. declined, while five advanced. S&P BSE Metal, S&P BSE Realty fell the most.
The market breadth was skewed in favour of the buyers. About 1,812 stocks rose, 1,666 declined, and 166 remained unchanged on the BSE.
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