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NIFTY50 and SENSEX recover as HDFC Bank gains; broader indices outperform
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2 min read | Updated on July 22, 2024, 13:08 IST
SUMMARY
NIFTY50 and SENSEX indices have recovered from earlier lows to trade flat. Meanwhile, the India VIX has surged to a fresh six-week high, signaling heightened volatility ahead of the Union Budget 2024. HDFC Bank and Infosys shares are providing support to the index, while Reliance Industries is dragging down.
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NIFTY50 recovers over 150 points from day’s low, India VIX rises 5% to a six-week high
Indian equity benchmark indices have recovered from lower levels to trade flat during the Monday afternoon session. The NIFTY50 index has recovered over 150 points, trading above the 24,500 level but down by 0.03%, while SENSEX is above 80,550 level, down by 0.07%.
This recovery from the lower levels underscores market participants’ expectations for the upcoming budget, adopting a buy-on-dips strategy. However, overbought technical indicators and a surge in India VIX to a six-week high, are likely to limit the upside.
Among the sectoral indices, Nifty Pharma (+1.23%), Nifty Auto (+0.95%) and Nifty Metal (+0.79%), were the top gainers. On the flipside, Nifty FMCG (-0.51%) and Nifty Realty (-0.50%), were the top losers in the Monday afternoon session.
Broader markets outperformed the frontline indices on Monday, with the Nifty Midcap 100 and Smallcap 100 indices trading higher by 1.24% and 0.79%, respectively. The market breadth remains strong, with 1,478 stocks advancing and 823 stocks declining.
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