Mid-market update; Frontline indices trade below their opening levels, Nifty PSU Bank and Realty surges over 1%

During the afternoon session on Wednesday, the benchmark indices were trading below their opening levels. The 30-share index S&P BSE Sensex was trading at 73,055 with a decline of 42 points or -0.20%. NSE Nifty 50 index was at the 22,220 level, almost flat, but it trimmed its gains from the day’s high. The index faced resistance around the 20-DMA area and profit booking emerged. Bank Nifty was also trading lower by 172 points or 0.36% to 47,698 from its previous closing.

India VIX was seen trading flat but above the 20-mark as volatility continues to be the hallmark on D-street during Wednesday's session as well.

Index movers

Sectoral gainers & losers

Sector-wise, the top-performing indices during the mid-day were Nifty PSU Bank (+1.76%), Nifty Realty (+1.51%) and Nifty Consumer Durables (+0.68%). On the other hand, Nifty FMCG (-0.52%), Nifty Private Bank (-0.41%) and Nifty Auto (-0.38%) were seen trading in red.

Broader Indices

The Broader markets outperformed the frontline indices. Nifty Midcap 100 traded higher by 0.79%, while the Nifty Smallcap 100 index rose 0.80%. The market breadth was tilted in favour of advances with 1,700 stocks declining, while 728 stocks advancing and 107 stocks remained unchanged.

On Wall Street, Dow Jones futures were trading flat with a marginal gain of 11 points or 0.03% to 39,688.

Trending stocks

In the afternoon session on the Nifty 500 index, some trending stocks were Siemens Ltd, Vijaya Diagnostic Centre Ltd and ITI Ltd.

Shares of Siemens Ltd zoomed 6.89% on Wednesday to trade at ₹7,119.15 over its previous close of ₹6,660.45. Today, Siemens' intraday high and low was ₹7,240.00 and ₹6,926, respectively. The stock rallied as the company approved the proposal to demerge its energy business into a separate legal entity, Siemens Energy India Ltd.

Vijaya Diagnostic Centre Ltd jumped by 8.48% and was trading at ₹824.80 above its previous close of ₹760.35. Today, the intraday high and low of Vijaya Diagnostic was ₹832.00 and ₹764.55, respectively. The stock rallied on the back of strong financial results for the quarter ending on March 31, 2024, with a 21.50% increase in net profit to ₹33.68 crore.

The stock of ITI Ltd climbed 11.52% in today’s session to trade at ₹318.50. The intraday high and low of ITI were ₹ 321.50 and ₹285.80, respectively. The company has not made any significant announcements of late. Hence, the rally in the share price could be driven purely by the market forces.