NIFTY midcap and smallcap falter as selling continues in benchmark indices

Domestic equity markets erased all of their gains and were trading lower with a cut of over a quarter per cent in late morning deals on account of selling by funds and retail investors. Rising crude oil prices weighed on domestic sentiments. Crude oil prices rose on worries that the Iran-Israel conflict could disrupt supplies. Meanwhile, traders remained on the sidelines ahead of the U.S. Fed's interest-rate decision.

On the BSE sectoral front, traders were seen piling up positions only in Auto and Consumer Disc, while selling was witnessed in IT, Metal, Power, Utilities and TECK.

On the global front, Asian markets were trading mixed amid concerns about the escalating tensions in the Middle East that fueled fresh speculation that the U.S. is on the verge of joining Israel's attack on Iran. Back home, in the stock-specific development, Hindustan Zinc plunged as promoter Vedanta offloaded a 1.7% stake in the company through block deals.

The SENSEX is currently trading at 81319.38, down by 263.92 points or 0.32% after trading in a range of 81304.10 and 81858.97. 10 stocks were advancing against 20 stocks declining on the index.

Broader indices trade in red

The NIFTY midcap 100 fell 0.6% with 71 stocks traded in red with key stocks like Hindustan Zinc, Policy Bazaar, Max Healthcare, Biocon, Waaree Energies, and more falling 2% to 6%. Meanwhile, stocks like Escorts, Bandhan Bank, Paytm, AU Small Finance Bank and others gained up to 3.2%.

The NIFTY smallcap 100 index fell 0.3% with 66 out of 100 stocks trading in red and 34 in green. Stocks like Inventurus Knowledge Services, Tata Teleservices, Ramco Cements, and Reliance Power traded up to 7.5% lower. On the other hand, stocks like Amber Enterprises, Delhivery, Radico Khaitan and GRSE gained nearly 2.7% on Wednesday.

The NIFTY50 is currently trading at 24773.10, down by 80.30 points or 0.32% after trading in a range of 24770.05 and 24947.55. 12 stocks were advancing against 38 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 3.37%, Trent up by 1.51%, Maruti Suzuki up by 1.13%, Eicher Motors up by 1.03% and Mahindra & Mahindra up by 0.94%. On the flip side, Adani Ports down by 1.34%, Nestle down by 1.25%, Hindustan Unilever down by 1.18%, Kotak Mahindra Bank down by 1.06% and TCS down by 0.95% were the top losers.

Asian markets were trading mixed; KOSPI increased 14.67 points or 0.49% to 2,964.97, Nikkei 225 surged 277.22 points or 0.71% to 38,813.96, Taiwan Weighted added 145.14 points or 0.65% to 22,356.73 and Shanghai Composite strengthened 1.62 points or 0.05% to 3,389.02. However, Hang Seng declined 294.07 points or 1.24% to 23,686.23, Jakarta Composite plunged 43.62 points or 0.61% to 7,112.23, Straits Times fell 15.86 points or 0.41% to 3,914.78.