Markets steady in mid-day trade; metal stocks under pressure
Benchmark indices held marginal gains in Tuesday’s mid-day trading session, with the BSE Sensex trading at 78,619.22, up 79.05 points or 0.10 per cent from its previous close at 12.30 pm. The broader NSE Nifty gained 27.05 points or 0.11 per cent to trade at 23,780.50, showing resilience after a cautious start earlier in the day.
Auto and healthcare stocks led the gainers on the NSE, with Tata Motors surging 1.93 per cent and Adani Enterprises advancing 1.83 per cent. Retail major Trent climbed 1.47 per cent, while pharmaceutical company Dr. Reddy’s and FMCG giant Britannia added 1.32 per cent and 1.03 per cent respectively.
Metal stocks faced selling pressure, with Tata Steel dropping 1.50 per cent and JSW Steel declining 1.32 per cent. The banking sector also witnessed weakness as IndusInd Bank fell 1.14 per cent. Metal producer Hindalco shed 0.92 per cent, while IT major Wipro decreased 0.91 per cent.
Sectoral indices showed mixed performance, with the Nifty Bank index dropping 96.30 points or 0.19 per cent to 51,221.30. The Nifty Financial Services index traded lower by 18.25 points or 0.08 per cent at 23,767.30. However, the Nifty Midcap Select index showed strength, gaining 20.75 points or 0.16 per cent to reach 12,776.80.
Market breadth remained positive, with 1,988 stocks advancing compared to 1,868 declines on the BSE. A total of 3,982 stocks were traded, with 126 remaining unchanged. The market showed robust activity at both ends of the spectrum, with 150 stocks hitting 52-week highs and 51 touching 52-week lows. Circuit filters were triggered for 221 stocks on the upper end and 285 stocks on the lower end.
The Nifty Next 50 index experienced a marginal decline of 45.95 points or 0.07 per cent to trade at 68,843.00, reflecting some pressure in the broader market space. Trading activity remained steady after the morning session’s cautious start, which was marked by concerns over foreign investor selling and currency weakness.
The indices have moved into positive territory after opening flat, showing some recovery from the morning’s initial weakness, though metal and banking stocks continue to face selling pressure as the market progresses toward the afternoon session.