Benchmark indices faring well, Nifty midcap and small cap post faster recovery

After opening gap down in the early morning owing to rising US inflation concerns, Indian markets are faring better by holding recovery in mid day session. Benchmark indices of NIFTY 50 and NIFTY Bank are trading lower 0.6% & 0.5% in the mid day trading session.

Broader indices of NIFTY midcap 100 & NIFTY smallcap 100 are showing resilience against the morning session selloff. NIFTY midcap trading 0.34% down after opening 1% or 522 lower in the morning. Similarly, NIFTY Small cap showing strong gains after opening 1.2% lower in the opening bell and currently trading 0.75% higher at 15760 levels.

On the sectoral front NIFTY IT is facing brunt of selling the most amongst its peers. As concerns for US rate cut rise IT stocks tend to perform lower as they are highly related with developed markets spends. NIFTY IT is trading 2.4% lower in the mid day session at 37,285 levels