return to news
  1. NIFTY50 and SENSEX falls 0.5%, HDFC Bank sees sharpest decline in over a month

Market News

NIFTY50 and SENSEX falls 0.5%, HDFC Bank sees sharpest decline in over a month

Upstox

2 min read | Updated on August 13, 2024, 13:14 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The NIFTY50 trades in red but managed to recover from its intraday lows. HDFC Bank has dragged the index lower as the stock saw its sharpest decline in over a month. This sell-off was triggered by a lower-than-expected increase in the stock’s weight in the MSCI index. The broader markets outperformed, with Nifty Midcap 100 index up by 0.15%.

NIFTY50 recovers to trade above the 24,300 level, HDFC Bank sees sharpest decline in over a month

NIFTY50 recovers to trade above the 24,300 level, HDFC Bank sees sharpest decline in over a month

The NIFTY50 index is trading above the 24,300 mark after hitting an intraday low of 24,277.17, bouncing back from its trendline support. Both NIFTY50 and SENSEX were down by 0.12% and 0.14%, respectively, at midday but had recovered slightly from their lows.

Titan and Reliance Industries helped cushion the index, while HDFC Bank’s sharp fall weighed heavily. The stock recorded its sharpest single-day fall in over a month due to a lower-than-anticipated increase in its weight in the MSCI index.

It was expected that the upcoming rebalancing, due later this month, would see a 50-basis point increase in HDFC Bank’s weight; however, it will only see a 25-basis point increase, triggering the fall in share prices.

The Nifty Bank index underperformed, dropping 250 points due to HDFC Bank’s decline. India VIX was also trading lower at 15.67 mark.

The NIFTY50 index’s support at 24,250 remains crucial, as it aligns with the rising trendline. If the bulls can hold this level, it may attract buyers on dips. Within the NIFTY50 index, 34 stocks advanced, while 16 declined. Major contributors to the index included Titan (+2.17%), Reliance Industries (+0.28%), Bharti Airtel (+0.64%), and LT (+0.53%). On the other hand, HDFC Bank (-2.96%) and Tata Motors (-1.25%) weighed on the index.

On the sectoral front, most indices traded in green, led by Nifty Pharma (+0.35%), which hit a fresh all-time high, surpassing its previous record set on August 8, 2024. However, Nifty Financial Services (-0.84%) and Nifty Bank (-0.50%), were top losers. The broader markets exhibited relatively outperformance, with the Nifty Midcap 100 up by 0.15% and the Nifty Midcap 100 index gaining 0.05%. Despite this, market breadth was weak, with 1,242 stocks declining and 1,041 stocks advancing.

Uplearn

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story