Sensex, Nifty Fall As ITC, Reliance, HDFC Twins Drag: Midday Market Update
As of 12:11 p.m., Sensex fell 35 points, or 0.06%, to 57,599.79, while the Nifty 50 declined 4 points, or 0.02%, to 16,981.55.
India's benchmark stock indices fell through the midday session after opening higher on Friday, led by losses in ITC, Reliance Industries, and HDFC Twins stocks.
U.S. and European futures advanced along with Asian shares after a rescue package for First Republic Bank Corp. soothed concerns over financial stability.
At 12:11 p.m., the S&P BSE Sensex fell 35 points, or 0.06%, to 57,599.79, while the NSE Nifty 50 declined 4 points, or 0.02%, to 16,981.55.
Britannia Industries Ltd., Coal India Ltd., HCL Technologies Ltd., HDFC Life Insurance Co., Hindalco Industries Ltd., Infosys Ltd., Larsen and Toubro Ltd., Nestle India Ltd., Tata Consumer Products Ltd., and UltraTech Cement Ltd. were the top gainers of the NSE Nifty 50 gauge.
While BPCL Ltd., Eicher Motors Ltd., Hero MotoCorp Ltd., ITC Ltd., NTPC Ltd., HDFC Ltd., HDFC Bank Ltd., and Sun Pharmaceutical Industries Ltd. were the top losers on the index.
Three Adani Group stocks— Adani Enterprises Ltd., Adani Power Ltd. and Adani Wilmar Ltd., were moved out of short-term additional surveillance measures framework on Friday.
Most Adani Group stocks advanced in trade, while ACC Ltd., Ambuja Cements Ltd., NDTV Ltd. and Adani Ports and SEZ Ltd. declined in trade.
The broader market indices traded higher, with the S&P BSE MidCap gaining 0.25% and the S&P BSE SmallCap rising 0.51% by midday.
Eight out of the 20 sectors compiled by BSE Ltd. advanced, while 12 declined.
The market breadth was skewed in favour of buyers. About 2,013 stocks rose 1,287 declined, and 128 remained unchanged on the BSE.