Nifty, Sensex Off Record High As M&M, Infosys Drag: Midday Market Update
During intraday trading, the Nifty hit a fresh record high of 25,078.30, and the Sensex touched a new high of 82,129.49.
The Indian benchmark stock indices were trading off the record high they hit early on Thursday as Infosys Ltd. and Mahindra & Mahindra Ltd. dragged.
At 12:18 p.m., the NSE Nifty 50 was 37.30 points or 0.15% higher at 24,988.45, and the S&P BSE Sensex was 51.40 points or 0.1% higher at 81,792.74. During intraday trading, the Nifty hit a fresh record high of 25,078.30, and the Sensex touched a new high of 82,129.49.
The Nifty took 25 sessions to add 1,000 points to reach the 25,000 level, compared to the 89 sessions the index took to cross 24,000. Meanwhile, the Sensex completed a 1,000-point journey to a historic 82,000 in 11 sessions.
"Despite global volatility, India's economy remains strong, as indicated by the recent Union budget's emphasis on infrastructure, fiscal prudence, and rural welfare. While mid- and small-cap stocks have made significant gains, it is believed that large-cap stocks may see increased investor interest in the near future. It's recommended for investors to stay in the market, maintain liquidity, and consider investing in high-quality companies with strong earnings visibility over a 12-18 month horizon," said Neeraj Chadawar, head of fundamental and quantitative research at Axis Securities.
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Mahindra & Mahindra Ltd., Infosys Ltd., Larsen & Toubro Ltd., Tata Steel Ltd., and ITC Ltd. weighed on the index.
HDFC Bank Ltd., Power Grid Corp, Bharti Airtel Ltd., Coal India Ltd., and NTPC Ltd. limited losses to the index.
Out of 12 sectors on NSE, seven decline, four advanced, and one remained flat. The NSE Nifty Realty declined the most, and the NSE Nifty Energy rose the most.
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Broader markets underperformed benchmark indices, with the S&P BSE Midcap and Smallcap trading 0.38% and 0.27% lower, respectively, during midday on Thursday.
Out of 20 sectors on the BSE, 12 declined and six advanced. S&P BSE Realty emerged as the worst performing sector, and S&P BSE Utilities emerged as the best-performing sector.
Market breadth was skewed in favour of sellers. Around 1,991 stocks declined, 1,790 stocks rose, and 144 stocks remained unchanged on BSE.
