Nifty, Sensex Fall After Opening Higher Ahead Of CPI Data Release: Midday Market Update
As of 12:23 p.m., the Nifty was trading 0.53% lower and the Sensex was down 0.49%.
![<div class="paragraphs"><p>Inside NSE headquarters in BKC Mumbai. (Source: Vijay Sartape/NDTV Profit)</p></div>](https://media.assettype.com/bloombergquint%2F2024-01%2F5e3badbd-b2cc-4d72-9e96-49c2e92e0ec8%2FWhatsApp_Image_2024_01_29_at_14_27_25__1_.jpeg?rect=0%2C0%2C3774%2C2123&auto=format%2Ccompress&w=200)
India's benchmark stock indices fell after opening higher on Monday ahead of the release of January CPI data. The losses were led by the fall in index heavyweights ICICI Bank Ltd. and Reliance Industries Ltd.
As of 12:23 p.m., the NSE Nifty 50 fell 114.65 points, or 0.53%, to 21,667.85, while the S&P BSE Sensex declined 351.79 points, or 0.49%, to 71,243.70.
The Nifty fell to an intraday low of 21,609.25, and the Sensex touched a low of 71,076.68 so far in the day.
India's CPI data, scheduled for release later on Monday, is expected to come at three-month low of 5.1% in January, up from 5.69% in December, according to Cogencis.
The short-term market structure is weak, but fresh selling in Nifty is possible only after rejection of the 20-day simple moving average, or 21,600, said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.
However, the real trend will emerge only after crossing 22,150 levels. While selling pressure is likely to increase, the market (Nifty and Sensex) can slip to 21,500–21,400/70,900–70,600. Chouhan said.
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Apollo Hospitals Enterprises Ltd., Dr. Reddy's Laboratories Ltd., HCL Technologies Ltd., Infosys Ltd. and Wipro Ltd. were positively contributing to the Nifty.
Coal India Ltd., HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd. and Reliance Industries Ltd. were weighing on the index.
On the NSE, 10 out of the 12 sectors were trading in negative, while two were trading in a positive territory.
Nifty PSU Bank decline the most, while Nifty IT rose the most among sectoral indices.
Broader markets underperformed benchmark indices; the S&P BSE Midcap fell 2.16%, and the S&P BSE Smallcap fell 2.47%.
Seventeen of the 20 sectors compiled on the BSE declined, while three advanced. S&P BSE Utilities fell the most, while S&P BSE IT rose the most.
Market breadth was skewed in the favour of sellers. Around 2,785 stocks declined, 1,035 stocks fell, and 145 stocks remained unchanged on BSE.