NIFTY50 recovers over 200 points from day’s low, SENSEX trades above 80,000 mark led by HDFC Bank and Infosys

The Indian markets experience a recovery after an initial dip, with the NIFTY50 clawing back into positive terrain along with SENSEX. The NIFTY50 recovered over 200 points from the intraday low of 24,212.10. This recovery was primarily led by banking, financial, and IT stocks. By mid-day, the NIFTY50 had gained 0.25%, trading above the 24,400 mark, while the SENSEX advanced 200 points to trade at 79,905 level. The SENSEX briefly crossed the important psychological 80,000 mark, and the NIFTY50 registered a fresh seven-day high. India VIX cooled-off from the day’s high to trade below the 16-mark. The Nifty Bank outperformed the frontline indices, rising above the 50,700 mark with a 0.44% gain.

Despite trading above its previous session’s high, the NIFTY50 remains below its 20-DMA. On the options front, significant activity was observed at the 24,300 PE option strike, with over 42 lakh additions by mid-day, marking it as a critical support level in the near term. On the other hand, the 20-DMA is likely to act as stiff resistance on the upside.

On the sectoral front, most indices traded in red, led by Nifty Media (-1.25%) and Nifty PSU Bank (-0.77%). On the flipside, Nifty Realty (+0.82%) and Nifty Financial Services (+0.52%), were top-performing sectors. The broader markets exhibited performance, with the Nifty Smallcap 100 up by 0.26% and the Nifty Midcap 100 index down by 0.20%. Market breadth was evenly balanced, reflecting the mixed performance of the broader markets.