Nifty, Sensex Off New Highs As Private Banks Drag: Midday Market Update
On the BSE, 16 sectors advanced and four declined, with Realty rising the most among its peers.
The Indian benchmark stock indices erased gains from its record rally on Tuesday morning as shares of ICICI Bank Ltd. and Kotak Mahindra Bank Ltd. dragged.
As of 11:44 a.m., the NSE Nifty 50 was trading 12.30 points or 0.1% lower at 24,129.65 and the S&P BSE Sensex fell 33.61 points or 0.04% down at 79,442.58.
Intraday, the Nifty rose 0.39% to a fresh high of 24,236.35, and the Sensex rose 0.48% to a new high of 79,855.87.
The markets may want to refrain from placing long positions at this point. The long and short-position ratio, from the FII point of view, has jumped up to 83, which implies markets are at an extremely overbought space, according to Sneha Seth, senior analyst from Angel One Ltd.
Seth does not expect any sharp move at this point in time. Even if there is any strength, the move will not be smooth. So, it is preferable to trade at individual counters, she said.
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ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Bajaj Finance Ltd., Axis Bank Ltd., and Bharti Airtel Ltd. weighed on the Nifty the most.
HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. limited the losses in the index.
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On the NSE, five sectors declined and seven rose. The Nifty FMCG was the worst performer and the Nifty Realty was the best-performing sector till midday.
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The broader markets were trading on a mixed note as the BSE MidCap and SmallCap were trading 0.01% and 0.50% higher respectively.
On the BSE, 16 sectors advanced and four declined. Realty rose the most among its peers, while Bankex led the losses.
The market breadth was skewed in favour of the buyers as 2,226 stocks rose, 1,484 declined and 140 remained unchanged on the BSE.
