Markets trade lower, NIFTY50 below 22,300, SENSEX falls over 170 points

Markets were trading in the red today, with benchmark NIFTY50 and SENSEX falling 0.36% and 0.26% at midday, respectively. Of the NIFTY 50 universe, 37 stocks were declining, with NTPC, Adani Enterprises, BPCL, UltraTech Cement and ONGC being the top losers.

On the sectoral front, NIFTY Media (-3.44%) and Realty (-2.88%) indices were among the top losers today. Bank (+0.9%) and Financial Services (+0.6%) were the top gainers.

BANK NIFTY index trades marginally higher. Gains in ICICI Bank (+1.4%), Axis Bank (+2.4%), and Kotak Mahindra Bank (+2.3%) supported the index.

The broader markets are also underperforming. The NIFTY Midcap100 index is down 1.5%, while the NIFTY Smallcap100 index fell 2.83%.

On the stocks front, Fairfax India Holdings Corporation announced to invest $200 million in IIFL Finance after the RBI's embargo on the latter's gold loan disbursements. Shares of IIFL Finance hit a lower circuit for the second consecutive day on Wednesday.

Mahanagar Gas shares also plunged 16.6% after the company reduced CNG prices by ₹2.5 per kg.