Nifty, Sensex Trade Near Day's Low Tracking Fall In Global Markets: Midday Market Update
Except Nifty Finance, all sectoral indices fell. Nifty Media and Nifty Auto were top losers.
India's benchmark stock indices were trading near the day's low through midday on Wednesday, tracking the fall in global markets as equity benchmarks in Sydney, Tokyo and Seoul all fell. Losses in shares of Infosys Ltd. and Nestle India Ltd. weighed on the indices.
At 11:28 a.m., the Nifty 50 was trading 0.36% or 90.20 points lower at 24,967.15, and Sensex fell 0.36% or 292 points to 81,522.52.
After two weeks of high volatility, a bit of consolidation is not bad, according to Kush Bohra, founder of Kushbohra.com. "Nifty is not giving clear direction; as long as the support of 24,700-24,800 is respected, it is not too discouraging." The resistance, according to him, has been pegged at 25,200 for the Nifty.
On Bank Nifty, he is more positive for the last couple of days. But he believes a caution is warranted, recommending buying only after a pullback. For the near term, he sees support for Bank Nifty at 51,500 and resistance around 52,000-52,200.
Shares of Infosys Ltd., Nestle India Ltd., Mahindra & Mahindra Ltd., Trent Ltd., and ICICI Bank Ltd. were weighing on the Nifty.
While those of HDFC Bank Ltd., Bharti Airtel Ltd., HDFC Life Insurance Co Ltd., Grasim Industries Ltd., and Axis Bank Ltd. cushioned the fall.
Except for Nifty Finance, all sectoral indices fell. Nifty Media and Nifty Auto were the top losers.
The broader indices too fell with the BSE Midcap and Smallcap trading 0.37% and 0.27% lower, respectively, through midday on Wednesday.
Two of 20 sectoral indices on the BSE traded higher while 18 declined. BSE Auto fell the most.
Market breadth was skewed in favour of sellers. As many as 1,962 stocks fell, 1,771 advanced, and 142 remained unchanged on the BSE.
