Nifty Loses Over Rs 2 Lakh Crore In Market Cap As It Falls Over 1%: Midday Market Update
At 1:16 p.m., the Nifty fell 1.12% to trade at 22,052.65, and the Sensex declined 1.06% to 72,688.
India's benchmark stock indices extended their losses and lost nearly Rs 2 lakh crore in market capitalisation so far on Thursday as investors remained cautious amid the ongoing results season and union elections.
Traders anticipate that this trend will persist in the upcoming weeks until the declaration of election results.
At 1:16 p.m., the Nifty fell 249.85 points, or 1.12%, to trade at 22,052.65, and the Sensex declined 777.58 points or 1.06% to 72,688.8.
The support for the Nifty is between 22,000 and 22,200 points, and the resistance is at 22,500, above which Ghose said there's room for upside, according to Rahul Ghose, chief executive at hedged.in.
Shares of Larsen & Toubro Ltd., Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., and ITC Ltd. dragged the indices.
While those of Infosys Ltd., Mahindra & Mahindra Ltd., Tata Motors Ltd., Hero MotoCorp Ltd., HCLTech Ltd. minimised the losses.
Most sectoral indices on the NSE fell with Nifty Oil & Gas and Nifty Energy falling the most while Nifty Auto jumped to hit its lifetime high.
Broader markets underperformed their larger peers, with the S&P BSE Smallcap falling 1.48% and the S&P BSE Midcap lossing 1.28% through midday on Thursday.
Seventeen out of 20 sectoral indices fell and four rose. S&P BSE Capital Goods fell the most.
Market breadth was skewed in favour of sellers. Around 2,610 stock declined, 1,063 stocks rose, and 136 stocks remained unchanged on BSE.
