Sensex, Nifty Trade Mixed Amid Volatility: Midday Market Update

India's benchmark stock indices were mixed after swinging between gains and losses through midday on Tuesday.

Metal and energy stocks rose the most, while the information technology and healthcare sectors were under pressure.

As of 12.01 p.m., the S&P BSE Sensex fell 12 points, or 0.14%, to 65,966.40, while the NSE Nifty 50 rose 33 points, or 0.16%, to 19,827.30.

"The Nifty 50 and Sensex commenced the day on a positive note," Shrey Jain, chief executive officer of SAS Online, said. "Today's opening for Nifty at 19,844.65, up from the previous closing value of 19,794.70, reflects the overall optimistic market sentiment."

"Similarly, Sensex, which concluded last Friday at 65,970.04, saw a slight gain with today's opening at 66,063.72," Jain said.

Technically, after a promising uptrend, the market is seeing range-bound activity at higher levels, according to Shrikant Chouhan, head of equity research at Kotak Securities Ltd. "Crossing 19,875 and 66,250 could act as a technical breakout, which may pull the market to 19,950–20,050 and 66,500–66,800."

"Below 19,875 and 66,250, we may see a quick intraday correction till 19,800, and, after that, it may gradually fall further towards 19,700–19,675 and 65,500–65,400. Contra traders can place a long bet near 19,700 and 65,400 with a strict 50/100 point stop loss," he said.

Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., Tata Motors Ltd., Titan Co., and Cipla Ltd. were positively adding to the Nifty.

Reliance Industries Ltd., ICICI Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd. and ITC Ltd. were weighing on the index.

The broader markets were mixed. The BSE Midcap was down 0.07%, while the Smallcap was 0.12% higher.

Twelve out of the 20 sectors compiled by BSE Ltd. advanced, while eight declined. Utilities and Power rose the most.

The market breadth was skewed in favour of the buyers. About 1,942 stocks rose, 1,681 declined, and 208 remained unchanged on the BSE.