Sensex, Nifty Trade Little Changed Amid Volatility: Midday Market Update
As of 11:55 a.m., the S&P BSE Sensex rose 0.03%, or 21.58 points, to 71,404.79, while the NSE Nifty 50 lost 0.02%, or 4.25 points, to trade at 21,540.60.
India's benchmark stock indices were little changed through midday on Wednesday as ICICI Bank Ltd. and HCL Technologies Ltd. led the gains, while NTPC Ltd. and Axis Bank Ltd. weighed.
As of 11:55 a.m., the S&P BSE Sensex rose 0.03%, or 21.58 points, to 71,404.79, while the NSE Nifty 50 lost 0.02%, or 4.25 points, to trade at 21,540.60. The Sensex rose to an intraday high of 71,498.83, and the Nifty 50 touched 21,573.90.
"Nifty 50 witnessed profit booking from the resistance of 21,700 levels, and sustenance below 21,500 would put pressure to test the lower breakout down range. On the higher side, the resistance would continue near 21,700 levels, while the weekly pivot support is placed at 21,350, where we could expect some pullback. RSI is oversold on hourly charts, and other key technical indicators are in the lower range, so we expect some pullback," said Vikas Jain, senior research analyst at Reliance Securities.
"Today, domestic stock indices opened flat, mirroring the subdued trends observed in global markets. As for the current expiry, it is expected that Bank Nifty will trade within the range of 47,000–47,500, with substantial open interest at both the put and call strikes. The day holds significant importance for Bank Nifty, with 46,900 serving as a crucial support level; a breach below this mark could lead to a substantial downside risk," said Shrey Jain, founder and chief executive officer of SAS Online.
ICICI Bank Ltd, HCL Technologies Ltd, Reliance Industries Ltd, Tata Consultancy Services Ltd, and HDFC Bank Ltd were contributing to the Nifty 50.
NTPC Ltd, Axis Bank Ltd, ITC Ltd, Oil and Natural Gas Corp Ltd, and Infosys Ltd exerted pressure on index.
On NSE, seven out of 12 sector, fell with the Nifty Realty declining 1.02% to become the top loser. Five sectors gained on NSE, among which Nifty Media surged 3.98%, tracking sharp gains in stocks of TV18 Broadcast, and Network18.
The broader markets traded on a mixed note with the S&P BSE Smallcap gaining 0.13%, while the S&P BSE Midcap declining 0.19% through midday trade on Wednesday.
On BSE, 11 out of 20 sectors declined, while nine advanced. S&P BSE Oil and Gas declined by 1.13% to emerge as the top loser, whereas S&P BSE Services sector gained 0.86% and was the top gainer.
The market breadth was skewed in favour of buyers. On BSE, 1,972 stocks rose, 1,707 stocks declined, and 146 remained unchanged.
