SENSEX and NIFTY50 off all-time highs, Nifty Bank underperforms, broader market shows strength

Indian equity benchmark indices, started the session on a positive note, with the NIFTY50 and SESNEX hitting fresh all-time high earlier in the day. However, the frontline indices filed to capitalize on the positive start, leading to profit booking. By midday, both the indices were off their highs and were trading mixed. The NIFTY50 was marginally up by 6 points at 26,222, while the SENSEX had dropped 93 points to 85,744. Meanwhile, the Nifty Bank saw a sharp decline of 0.41% or 220 points, trading below the 54,200 mark. India VIX has slipped by 1.7% below 12-mark.

The NIFTY50 index exhibited a positive breadth, with 31 stocks advancing and 19 declining. Overall, the market was strong, as 1,409 stocks advanced compared to 961 stocks that declined. The market breadth was positive due to outperformance by the broader market indices. The Nifty Midcap 100 rose by 0.16%, while the Nifty Smallcap 100 gained 0.37%.

Most sectoral indices traded in positive territory, with Nifty Metal (+0.96%) and Nifty IT (+0.73%) leading the gains. The Nifty Metal index reclaimed its important psychological level of 10,000 and is now approaching its all-time high of 10,195.60, which was registered in June. The Nifty Auto index hit a fresh all-time high, soaring 48% in 2024. On the flipside, Nifty Realty emerged as a top loser, declining by 1.64%.