Sensex, Nifty Trade Near Day's Low As IT, Banking Stocks Drag: Midday Market Update

India's benchmark indices extended their decline through midday on Wednesday, mirroring a similar trend across global peers. Information technology and banking stocks led to the losses.

The NSE Nifty 50 hit a five-day low of 21,538.75, and the S&P BSE Sensex fell to a six-day low of 71,442.23 so far in the day.

At 11:39 a.m., the Nifty 50 was 101.70 points, or 0.47%, lower at 21,564.10, while the Sensex declined 342.02 points, or 0.48%, to 71,550.46.

Today, the domestic market followed the subdued trend observed in global counterparts, initiating the day with a lower opening, said Shrey Jain, founder and chief executive at SAS Online. "Initiating the session with a gap down opening around 21,650, Nifty is poised for potential selling pressure at higher levels throughout the day."

Shares of HDFC Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., JSW Steel Ltd., and Hindalco Industries Ltd. dragged the indices.

While those of ITC Ltd., Bharti Airtel Ltd., State Bank Of India, Adani Enterprises Ltd., and Axis Bank cushioned the fall.

Sectoral indices were mixed with Nifty PSU Bank gaining over 1%. Nifty IT lost the most by over 2% and Nifty Metal fell 1.4%.

The broader markets outperformed with the BSE MidCap trading 0.30% higher and BSE SmallCap gainig 0.32% through midday on Wednesday.

Fifteen out of the 20 sectors compiled by the BSE advanced, while five declined.

The market breadth was skewed in favour of the buyers. As many as 2,065 stocks advanced, 1,610 declined and 138 remained unchanged on the BSE.