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Benchmark indices trade marginally lower, while NIFTY midcap and small cap jump 0.5%
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2 min read | Updated on September 03, 2024, 12:46 IST
SUMMARY
SENSEX slipped below the 82,500 mark, while NIFTY50 managed to hold above 25,250 mark. The indices were dragged lower by Infosys and Bajaj Finance, whereas support came from FMCG stocks. Nifty FMCG has hit a fresh all-time high, surpassing its previous record high of 63,805.95. In 2024, the FMCG index gained 12.11%.
NIFTY50 and SENSEX each declined by 0.08%, while broader markets outperformed with the Nifty Smallcap 100 index rising over 0.50%
In the midday trade, Indian benchmark indices displayed a marginal decline, with both the NIFTY50 and SENSEX slipping by 0.08%. Pressure on the index was primarily exerted by IT heavyweight Infosys, which dropped by 0.65%, along with Bajaj Finance and Bharti Airtel, declining by 1.69% and 0.59%, respectively. On the other hand, FMCG stocks such as ITC (+0.65%) and Hindustan Unilever (+0.86%), provided some support to the index.
The Nifty Bank index underperformed the frontline indices, trading down by 0.16% at 51,360. Meanwhile, the India VIX declined by 2.13%, hovering around the 13.75 mark.
On the sectoral front, the majority of the indices traded in red, led by Nifty Media (-0.76%) and Nifty Metal (-0.44%). On the other hand, Nifty Pharma (+0.84%) and Nifty FMCG (+0.45%) were the top two performing sectors. Nifty FMCG hit a fresh record high, surpassing its previous record high that was touched on August 27, 2024.
Buying interest is evident in the broader market indices, with Nifty Midcap 100 and Smallcap 100, trading higher by 0.44% and 0.54%, respectively. The outperformance of the broader markets has resulted in strong market breadth, with 1,306 stocks advanced compared to 1,042 stocks that declined.
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