Nifty, Sensex Fall From Record Highs As HDFC Bank, Airtel Drag: Midday Market Update
As of 11:57 a.m., Nifty was trading 0.03% lower at 26,207.95, and Sensex declined 0.14% at 85,720.06.
NSE (Source: Vijay Sartape/NDTV Profit)
The NSE Nifty 50 and BSE Sensex declined after touching fresh highs as shares of HDFC Bank Ltd., Bharti Airtel Ltd. fell. As of 11:57 a.m., the Nifty 50 was trading 8.10 points, or 0.03% lower at 26,207.95, and Sensex declined 116.05 points, or 0.14% at 85,720.06.
Shortly after opening, the Nifty rose 0.23% to a new high of 26,277.35. The Sensex rose 0.17% to a fresh high of 85,978.25.
For Nifty, 26,000 is the good support to lookout for, said Soni Patnaik, assistant vice president, JM Financial Services Ltd. However, investors should not ignore the fact that the indices are quite overbought at the current levels, not only from technical point of view. It's multiple parameters from derivatives segment as well indicate the indices at overbought zone. It's wise to be cautious, and book profits from the indices, Patnaik said.
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Shares of Infosys Ltd., Sun Pharmaceutical Industries Ltd., Titan Co., HCL Technologies Ltd., and Bharat Petroleum Corp. positively contributed to gains in the Nifty.
While those of HDFC Bank Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., Power Grid Corp. of India, and ICICI Bank Ltd. limited gains.
Out of 12 sectoral indices compiled by the National Stock exchanges, eight advanced and four declined. The NSE Nifty IT emerged as the lead sector with nearly 3% gain. The NSE Nifty Realty declined the most among sectoral indices.
Earlier in the day, the NSE Nifty Auto rose 0.53% to a record high of 27,641.60. Maruti Suzuki India Ltd. led the gains.
The NSE Nifty Metal rose 1.82% to a record high of 10,167.40 as Hindalco Industries Ltd. rose.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices rose 0.22% and 0.36% higher, respectively.
On BSE, 14 sectors advanced, and six declined out of 20. The BSE Metal was the best performing sector, and the BSE Realty declined the most.
Market breadth was skewed in the favour of buyers. Around 2,156 stocks rose, 1,584 stocks declined, and 151 stocks remained unchanged on BSE.
