Nifty, Sensex Pare Losses As ICICI Bank, Airtel Share Prices Gain: Midday Market Update
Earlier in the day, the Nifty 50 declined as much as 0.45% to 25,014.10, and the Sensex declined 0.41% to 81,636.67.
NSE Headquarter In BKC, Mumbai. (Source: Vijay Sartape/NDTV Profit)
India's benchmark stock indices pared some of their morning losses by midday on Tuesday, helped by gains in ICICI Bank Ltd. and Bharti Airtel Ltd.
At 11:58 a.m., the Nifty 50 was trading 45.60 points or 0.18% lower at 25,082.35, and the Sensex was 116.22 points or 0.14% down at 81,856.83.
Earlier in the day, the Nifty 50 declined as much as 0.45% to 25,014.10, and the Sensex declined 0.41% to 81,636.67.
The hourly support average has moved higher to 24,980 levels and would act as trend reversal on the downside from current levels, said Vikas Jain, head of research at Reliance Securities.
"The Relative Strength Index is piercing upwards, crossing the averages from the lower range,, while other key technical indicators are showing positive momentum. The highest call open interest has moved higher to 25,500 strikes, while on the downside, the highest put open interest is at 25,000 for the weekly expiry," he said.
The Sensex was 0.26% lower at 81,761.04.
The Nifty 50 was down 0.26% at 25,061.50.
The Nifty Bank declined 0.10% to 51,766.85.
ICICI Bank Ltd. Bharti Airtel Ltd., Asian Paints Ltd., Bharat Petroleum Corp., and Bharat Electronics limited the losses to the Nifty 50.
Reliance Industries Ltd., HDC Bank Ltd., Mahindra & Mahindra Ltd., Bajaj Auto Ltd., and Bajaj Finance Ltd. weighed on the index.
Top contributors to the Nifty 50 index.
On NSE, nine sectors declined and three advanced. The NSE Nifty Auto declined the most, while the NSE Nifty Media rose the most.
The NSE Nifty Auto declined 1.39% to 26,095.65, the lowest level since Oct 8. Mahindra & Mahindra and Bajaj Auto Ltd. share prices dragged the index.
Sectoral indices performance at midday.
Broader markets were trading on a mixed note. The BSE Midcap declined 0.11% and Smallcap index rose 0.56%.
On BSE, 11 sectors were trading in negative while nine advanced. The BSE Services rose the most, while the BSE Auto declined the most.
Market breadth was almost evenly split between buyers and sellers. Around 1,938 stocks advanced, 1,816 stocks declined, and 144 stocks remained unchanged on BSE.
