Nifty, Sensex Off Day's Low Led By Gains In RIL, SBI: Midday Market Update
At 11:52 a.m., the NSE Nifty 50 was trading flat at 22,306.95, and the S&P BSE Sensex was also flat at 73,467.70.
Benchmark equity indices erased most of their losses and traded flat through midday on Wednesday as losses in the shares of HDFC Bank Ltd. and ICICI Bank Ltd. were offset by gains in Reliance Industries Ltd. and Larsen & Toubro Ltd.
At 11:52 a.m., the NSE Nifty 50 was trading flat at 22,306.95, and the S&P BSE Sensex was also flat at 73,467.70.
The benchmarks have been a little jittery, said Amit Goel, founder of Amit Ventures. He is more concerned about the Nifty, which has created a double-top formation.
He expects the index to remain rangebound but with a bearish bias until the general elections are over.
Goel sees no strong traction till the index crosses the 22,800 mark, and if it falls to the 22,000–21,900 mark, investors should start building long positions.
Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., NTPC Ltd., State Bank Of India, and Coal India Ltd. were contributing to the Nifty.
While those of HDFC Bank Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., Asian Paints Ltd., and Dr Reddy's Laboratories Ltd. were weighing on the index.
Most sectoral indices erased early loss and rose with Nifty PSU Bank and Nifty Oil and Gas leading.
Broader markets outperformed their larger peers, with the S&P BSE Midcap rising 0.56% and S&P BSE Smallcap gaining 0.6% through midday on Wednesday.
Six out of 20 sectoral indices on the BSE declined, while 14 gained. S&P BSE Energy was the top gainer and S&P BSE Auto fell the most.
The market breadth was skewed in favour of the buyers. Around 2,102 stocks rose, 1,447 declined, and 165 remain unchanged.
