Nifty, Sensex Flat After Record Open; ITC, TCS Gain: Midday Market Update
Eight out of the 14 sectors on the NSE fell and six advanced, with Realty and Oil & Gas declining the most.
The benchmark indices were trading flat at midday after opening at record highs on Tuesday.
At 12:07 p.m., the NSE Nifty 50 was trading 10 points or 0.05% higher at 21,007.50, while the S&P BSE Sensex was 9.76 points or 0.01% up at 69,918.77.
The Nifty and the Sensex opened above the 21,000 and the 70,000 levels for the first time.
"The Nifty has been in consolidation mode for the fifth consecutive session, maintaining proximity to the 21,000 levels," Shrey Jain, chief executive officer of SAS Online, said. "We anticipate this consolidation to persist throughout the day."
ICICI Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., Sun Pharmaceutical Industries Ltd. and Bharat Petroleum Corp. were weighing on the Nifty.
ITC Ltd., Tata Consultancy Services Ltd., UltraTech Cement Ltd., Hindalco Industries Ltd. and Axis Bank Ltd. were adding positively to the index.
Most sectoral indices were trading in red. Eight out of the 14 sectors on the NSE fell and six advanced. Realty and Oil & Gas declined the most, while Media rose the most.
The broader markets outperformed as the BSE MidCap was 0.20% higher and the SmallCap was up 0.41%. Eleven out of the 20 sectors compiled by the BSE advanced, while nine declined. Commodities and Metal rose the most.
The market breadth was skewed in favour of the buyers. As many as 2,048 stocks advanced, 1,560 rose and 149 remained unchanged on the BSE.
