Nifty, Sensex Near Day's Low Weighed By Banking Stocks, Dismal TCS Results: Midday Market Update
The 25,000 mark will be the inflection point for Nifty in the short term, an analyst warned.
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India's benchmark equity indices were trading near their day's low by midday on Friday, weighed by a fall in Tata Consultancy Service Ltd. and banking stocks. The 25,000 mark will be the inflection point for Nifty in the short term, an analyst warned.
At 12:01 p.m., the Nifty 50 was at 24,937.15, down 0.25% or 61.30 points, and Sensex traded at 81,370.01, lower by 0.30%, or 241.40 points.
Nifty has seen a lot of deviation from the mean, and this mean deviation is not healthy for the market, so some retracement can't be ruled out, according to Milan Vaishnav, founder of Gemstone Equity Research.
However, the overall uptrend remains intact for a very short-term horizon, he said. He has identified 25,000 as the Nifty's inflection point, anticipating a technical rebound prior to further index corrections.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and Mahindra & Mahindra Ltd. pulled the Nifty lower. While those of Infosys Ltd., Tech Mahindra Ltd., Larsen & Toubro Ltd., Hindalco Industries Ltd., and Trent Ltd cushioned the fall.
Sectoral indices were mixed with Nifty Metal rising the most while Nifty Bank was the top loser.
Broader indices outperformed their larger peers with the BSE Midcap rising 0.1% and BSE Smallcap adding 0.25% through midday on Friday.
Market breadth was skewed in the favour of buyers. As many as 1,984 stocks rose, 1,731 fell, while 132 remained unchanged on the BSE.
