Midday market trends: Nifty and Sensex hold steady with minimal fluctuations

NSE Nifty was down by 0.02 per cent or 3.75 points to 19,806, while the BSE Sensex was at 66,047, up by 0.04 per cent or 23.77 points. A total of 3,741 stocks were actively traded, 2099 advanced, while 1465 declined and 177 remained unchanged. Two hundred forty  stocks hit a 52-week high while 23 stocks hit a 23-week low at 1 pm on Thursday.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The distinctive near-term trend in the market is the narrowing range of the market. The market is exhibiting resilience within this narrow range movement. Within the range, the buy on dips strategy is working. The market is waiting for triggers for a breakout, which may come with the state election results. If the state election results confirm political stability after the General elections in 2024, a pre-election rally is likely to begin. “

He added, “The 10-year US bond yield hovering around 4.40 percent and the declining volume of FII selling augurs well for the market. Leading banking stocks weighed down by sustained FII selling and the recent RBI action increasing the risk weighting on unsecured loans are good long-term buys for patient investors.”

Top gainers on the BSE include PCBL, SEQUENT, CONFIPET, EIDPARRY, KIRIINDUS with gains ranging from 8 per cent to 5 per cent. Top losers on the BSE include RATEGAIN, TIINDIA, CIPLA, MASFIN, TECHNOE with losses ranging from 8 per cent to 4 per cent.