Nifty, Sensex Fall As Private Bank Stocks Drag: Midday Market Update

Indian stock benchmark indices continued to trade in negative through midday tracking decline in the shares of HDFC Bank Ltd. and ICICI Bank Ltd., while investors assess the impact of budget for financial year 2025, announced on Tuesday.

As of 12:00 p.m., the NSE Nifty 50 was trading 81.90 points, or 0.33% lower at 24,397.15, and the S&P BSE Sensex was trading down 340.31 points, or 0.42% at 80,088.73.

Intraday, Nifty declined 0.43% to 24,373.45, and Sensex fell 0.47% to 80,051.61.

The big event is behind us, but markets are still in the process of digesting how to go ahead, according to Akshay P. Bhagwat, senior vice president, JM Financial Ltd. Still, there's no clarity on how things will unfold. It's a mixed reaction going by yesterday's trading. The tilt is still on the negative side. For Nifty 50, 24,600 is a crucial resistance level, and 24,000 is a crucial support level, he said.

Shares of Reliance Industries Ltd., Tata Motors Ltd., NTPC Ltd., Coal India Ltd., and Tech Mahindra Ltd. limited loss in the Nifty.

While those of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Bajaj Finance Ltd., and State Bank of India pressured the index.

On NSE, five out of 12 sectors declined, and seven advanced. The NSE Nifty Bank declined the most, and the NSE Nifty Media rose the most.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.45% and 1.48% higher, respectively.

On BSE, 16 out of 20 sectors advanced, and four declined. The S&P BSE Energy rose the most, and the S&P BSE Bankex declined the most.

Market breadth was skewed in the favour of buyers. Around 2,662 stocks advanced, 1,036 stocks declined, and 150 stocks remained unchanged.