Nifty 50 and Sensex Show Flat Start as HDFC Bank and HCLTech Weigh Down Performance
Nifty Bank and Sensex Overview
The NSE Nifty 50 and BSE Sensex began Tuesday's trading session with a muted performance. As of 09:18 a.m., the Nifty 50 index was noted at 24,820.80, reflecting a rise of 39.70 points or 0.16%. Meanwhile, the Sensex rose by 174.80 points or 0.22%, reaching 81,326.07. Key market influencers included HDFC Bank Ltd. and HCLTech Ltd., which contributed to the overall drag on indices.
Market Indicators
The Nifty 50 has struggled to break past the psychological barrier of 25,000 and has managed to hold onto its previous day's low, crucial for upcoming sessions. The immediate support level stands at 24,500, aligned with the 100-day moving average. A breach below this could indicate further selling off, potentially testing lower support at 23,900.
Sector Performance
On the NSE, sector performance highlighted a decline in seven sectors, with only two remaining flat, while three experienced gains. Notably, the NSE Nifty Realty sector saw the most significant decline, whereas NSE Nifty IT showcased the highest gains. In the broader market sphere, both BSE Midcap and Smallcap indices trailed behind, falling by 0.27% and 0.96%, respectively.
Conclusion and Insights
Market breadth presented a skewed scenario favoring sellers, indicated by around 1,875 stocks declining and only 923 advancing on BSE. The BSE Realty sector underperformed significantly, while the BSE TECK sector managed to rise. For comprehensive updates and analysis, viewers are encouraged to follow the ongoing market developments.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.