Sensex, Nifty Drift Lower As Media, Realty Stocks Decline: Midday Market Update

At 11:57 a.m., the Sensex declined 441 points, or 0.71%, to 61,491.63, while the Nifty 50 fell 128 points, or 0.70%, to 18,158.55.

<div class="paragraphs"><p>The Bombay Stock Exchange Building On Dalal Street. (Source: Reuters)</p></div>
The Bombay Stock Exchange Building On Dalal Street. (Source: Reuters)

India's benchmark stock indices extended their decline through the midday session on Wednesday, pulled by losses in the media, realty, and I.T. sectors. The Sensex slipped below the 62,000 mark, and the Nifty 50 fell below the 18,200 level.

Japan's equities extended their winning streak as better-than-expected economic growth fueled optimism over the market’s outlook. The Topix advanced for a fourth day after the gauge closed at the highest level since 1990 on Tuesday, while the Nikkei 225 was in the fifth day of gains. Shares advanced in South Korea and fell in Australia.

U.S. stock futures edged higher in Asia after the Nasdaq 100 closed up just 0.1% and the broader S&P fell, following a rapid decline in the final minutes of the session. President Joe Biden and House Speaker Kevin McCarthy were hopeful when asked whether a deal on the debt ceiling could be reached within days to end a stalemate ahead of a potential U.S. default.

As of 11:57 a.m., the S&P BSE Sensex declined 441 points, or 0.71%, to 61,491.63, while the NSE Nifty 50 fell 128 points, or 0.70%, to 18,158.55.

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Infosys Ltd., Kotak Mahindra Bank Bank Ltd., Reliance Industries Ltd., TCS Ltd., and HCL Technologies Ltd. weighed on the Nifty 50.

Bharti Airtel Ltd., IndusInd Bank Ltd., Mahindra and Mahindra Ltd., Hero MotoCorp Ltd., and BPCL Ltd. were among the gainers in the index.

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The broader markets indices declined; the S&P BSE MidCap was down 0.61%, whereas S&P BSE SmallCap was lower by 0.20%.

All the 20 sectors compiled by BSE declined, with S&P BSE Realty and S&P BSE Information Technology being the top loser.

The market breadth was skewed in favour of the sellers. About 1,466 stocks rose, 1,845 declined, and 139 remained unchanged on the BSE.

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