Sensex, Nifty Trade Lower As HDFC Bank, RIL Drag: Midday Market Update
As of 12:10 p.m., the Sensex was 87 points or 0.13% lower at 67,751.88, while the Nifty 50 fell 11 points or 0.05% to 20,181.45.
India's benchmark stock indices traded lower by midday on Monday, led by losses in HDFC Bank Ltd. and Reliance Industries Ltd.
Public-sector banks and auto sectors led as the Nifty Auto and Nifty PSU Bank indices scaled record highs during the day. The information-technology and realty sectors fell.
As of 12:10 p.m., the S&P BSE Sensex was 87 points or 0.13% lower at 67,751.88, while the NSE Nifty 50 fell 11 points or 0.05% to 20,181.45.
Globally stocks fell as traders took risk off the table ahead of a raft of policy decisions this week from the U.S., the U.K., and Japan.
Shares in Asia were broadly lower, with underperforming tech shares sending a gauge of the sector towards its biggest decline in almost a month. European stock futures pointed to a lower open, while their U.S. peers held on to small gains.
Hong Kong's Hang Seng Index fell as much as 1.6%, while China's CSI 300 Index briefly touched its lowest level this year before erasing losses as traders drew support from data last week, which pointed to signs of stabilisation. Japan's markets are shut for a holiday, with the nation’s central bank due to meet later this week.
ITC Ltd., Mahindra & Mahindra Ltd., State Bank of India, Titan Co. and HDFC Life Insurance Co. were positively contributing to the Nifty 50.
HDFC Bank Ltd., Reliance Industries Ltd., Infosys Ltd., Bharti Airtel Ltd. and Kotak Mahindra Bank Ltd. were weighing on the index.
The broader market indices were marginally higher, with the BSE Midcap rising 0.02% and the BSE Smallcap gaining 0.02% through midday on Monday.
Ten out of the 20 sectors compiled by BSE Ltd. advanced, while the others declined. The BSE Auto rose, while the BSE Telecommunication fell the most.
The market breadth was skewed in favour of the buyers. About 1,912 stocks rose, 1,653 declined, and 223 remained unchanged on the BSE.