Nifty, Sensex Off Lows As Infosys, Axis Bank Share Prices Rise: Midday Market Update

The NSE Nifty 50 and BSE Sensex erased loss to trade higher through midday as Infosys Ltd. and Axis Bank Ltd.'s share prices rose. As of 11:37 a.m., the Nifty 50 was 70.95 points, or 0.28% higher at 25,321.05, and S&P BSE Sensex was up 290.55 points, or 0.35% at 82,787.66.

If the benchmarks hold their midday gains, the Nifty 50 and Sensex are likely to snap the four-day decline at close. Earlier in the day, the Nifty 50 declined 0.65% to 25,094.55, and Sensex fell 0.54% to 82,051.86.

The weak sentiment will continue as long as the market trades below 25,500/83,200, said Shrikant Chouhan, head of equity, Kotak Securities Ltd. On the downside, it could slip to 25,150-25,025/82,200-82,000 or even the 50-day simple moving average. On the other hand, resistance levels have shifted to 25,500 and 25,600 levels from 25,800 levels, he said.

Shares of Infosys Ltd., Axis Bank Ltd., Tata Consultancy Services Ltd., Oil and Natural Gas Corp., and State Bank of India positively contributed to changes in the Nifty.

While those of Bajaj Finance Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., and Nestle India Ltd. limited gains.

On NSE, seven sectors out of 12 advanced, four declined, and one remained flat. The NSE IT was the top gainer, while the NSE Nifty Realty was the worst performer.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices were 0.07% and 0.24% higher, respectively.

On BSE, 14 out of 20 sectors advanced, and six declined. The BSE IT rose the most, while the BSE Realty declined the most.

Market breadth was skewed in the favour of buyers. Around 2,094 stocks rose, 1,637 stocks declined, and 161 stocks remained unchanged on BSE.