Nifty, Sensex Trade Lower As RIL, HDFC Bank Drag: Midday Market Update
As of 12:15 p.m., the Nifty and the Sensex were both trading 0.31% and 0.41% lower, respectively.
India's benchmark indices were trading lower through midday on Tuesday, weighed by index-heavy HDFC Bank Ltd. and Reliance Industries Ltd.
As of 12:15 p.m., the NSE Nifty 50 was trading 68.20 points, or 0.31%, lower at 22,030, and the S&P BSE Sensex fell 301.42 points, or 0.41%, to trade at 72,530.01.
The Nifty hit an intraday low of 21,947.55 and the Sensex touched the low of 72,363.03 so far on Tuesday.
Traders are likely to adopt a cautious approach, opting to observe market movements closely, said Shrey Jain, founder and chief executive officer at SAS Online.
"It's a good opportunity to buy quality large-cap stocks during dips. With no significant catalysts in sight, it's anticipated that the market will remain range-bound throughout this holiday-shortened week," Jain said.
The Nifty 50 faces resistance at 22,250 while maintaining support at 21,950, he said.
HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Infosys Ltd., Bharti Airtel Ltd. weighed on the Nifty 50.
Larsen & Toubro Ltd., Bajaj Finance Ltd., Tata Motors Ltd., Bajaj Finserv Ltd., and NTPC Ltd limited losses in the index.
On NSE, six sectors declined, and rest advanced out of 12 sectors. The NSE Nifty Oil & Gas was the best performing sector, and the NSE Nifty Media was the worst performing sector.
Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.44% and the S&P BSE Smallcap gaining 0.09% through midday on Tuesday.
On BSE, five sectors out of 20 declined, and 15 advanced. The S&P BSE TECK fell the most among peers, and the S&P BSE Capital Goods rose the most.
The market breadth was skewed in favour of the sellers. Around 2,179 stocks declined, 1,554 stocks rose, and 185 stocks remained unchanged.