Sensex, Nifty Off Day's High As IT And Power Stocks Decline: Midday Market Update
The Sensex pared gains from the intraday high of 59,399.69 it hit earlier today, to trade 0.40% up at 59,197.88 on the BSE.
India's stock benchmarks were off day's high by afternoon trade, weighed by decline in information technology and power stocks, while gains in energy, oil & gas, FMCG, and realty stocks kept the indices in the positive territory.
The Sensex pared gains from the intraday high of 59,399.69 it hit earlier today, to trade 0.40% up at 59,197.88 on the BSE. This is the second time the 30-stock gauge gained slightly above 59,000 since Sept. 22 after reclaiming the mark briefly during Tuesday's session.
The Nifty 50 gained 0.24% to 17,528.20 on the NSE. Among the Nifty 50 constituents, 21 stocks gained while 29 declined.
Nestle India Ltd., Reliance Industries Ltd., Housing Development Finance Corporation Ltd., ITC Ltd., and Axis Bank Ltd. were the top gainers on Nifty 50, while State Bank Of India, Infosys Ltd., Coal India Ltd., Bajaj Finserv Ltd., and JSW Steel Ltd. were the top losers.
The broader indices underperformed their larger peers, with the mid-cap and the small-cap index gaining 0.11% and 0.23%, respectively. Ten of the 19 sectoral measures complied of BSE Ltd. advanced with energy and oil & gas gaining the most .
The market breadth is skewed in favour of the bulls. About 1,838 stocks rose, 1,414 fell and 158 remained unchanged.