NIFTY50 recovers 100 points from lower levels to trade in green, broader indices trade in deep red

The Indian benchmark indices opened in negative territory, dipping below the previous session’s low. However, buying interest emerged at lower levels, leading to recovery as the frontline indices rebounded in positive territory. The NIFTY50 index bounced back 100 points from its intraday low, trading above the 24,850 mark, up by 18 points.

Similarly, the SENSEX gained over 400 points from day low, hovering near the 81,300 mark. The Nifty Bank climbed 180 points to trade above the 50,750 mark. Meanwhile, India VIX, the volatility gauge, cooled off by 3.5% to dip below the 15 mark, indicating decline in market volatility.

ICICI Bank (+0.98%), Infosys (+0.82%), and ITC (+1.09%), played a crucial role in supporting the NIFTY50 index’s recovery from its lower levels. However, the gains were kept under check due to the downward pressure from ONGC (-3.87%) and Tata Motors (-1.52%), which acted as a significant drag on the index.

In the NIFTY50 index, 28 stocks declined, while 22 stocks managed to advance. The top three gainers were SBI Life (+1.58%), Cipla (+1.49%), and Shriram Finance (+1.36%). On the flipside, ONGC (-4.02%), Hindalco (-2.10%), and Tata Motors (-1.55%), were the top three laggards in the index.

On the sectoral front, most indices traded in the red, with Nifty PSU Bank leading the decline, down by 1.25%. On the flipside, Nifty FMCG was the top-performing sector, trading up by 1.1%. Broader markets struggled, underperforming the frontline indices. The Nifty Midcap 100 fell by 0.52%, while Nifty Smallcap index plummeted 1.21%. Market breadth was extremely weak with 1,545 stocks declined, while 808 stocks advanced.