India's benchmark stock indices were trading lower through midday on Thursday, tracking a decline in HDFC Bank Ltd. and Bajaj Auto Ltd. share prices. As of 12:08 p.m., the Nifty 50 was trading 0.76% lower at 24,781.20 and the Sensex was trading 0.43% lower at 81,043.21.
So far today, the Nifty 50 fell 0.81% to 24,769.95, and the Sensex declined 0.62% to 80,998.12.
The weakness would increase if the market (Nifty and Sensex) broke the levels of 24,700 and 80,600, said Shrikant Chouhan, head, equity research, Kotak Securities. "On the upside, the market (Nifty and Sensex} could move towards 25,150 and 82,000. The strategy should be to reduce long positions at each resistance level."
Bajaj Auto Ltd. share price plunged 12.11% to Rs 10,210.00 apiece, the lowest level since Aug 23 after analysts flagged concern over its high valuation. The company has posted its highest ever quarterly revenue. Bajaj Auto stock holds 1.03% weightage in the Nifty 50 index.
The Sensex was trading 0.53% down at 81,072.74.
The Nifty 50 was trading 0.73% down at 24,788.10.
The Nifty Bank was 0.99% down at 51,289.10.
HDFC Bank Ltd., Bajaj Auto Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., and Axis Bank Ltd. weighed on the Nifty 50.
Infosys Ltd., State Bank of India, Tech Mahindra Ltd., Reliance Industries Ltd., and Hindalco Industries share prices limited losses to the index.
On NSE, 11 sectors declined and one advanced. The NSE Nifty Realty declined the most, while the NSE Nifty IT rose.
Top contributors to the Nifty 50 index.
Most sectoral indices declined.
Broader markets underperformed benchmark indices, with the BSE Midcap and Smallcap falling 1.24% and 1.09%, respectively, through midday on Thursday.
On BSE, 18 sectors declined and two advanced. The BSE IT was the best performing sector, and the BSE Auto declined the most.
Market breadth was skewed in favour of sellers. Around 2,482 stocks declined, 1,294 stocks advanced, and 137 stocks remained unchanged on BSE.
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