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SENSEX and NIFTY50 retreat from day’s highs as auto stocks drag, broader markets turn red
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2 min read | Updated on September 02, 2024, 13:40 IST
SUMMARY
Indian markets have pared their early gains; however, Nifty IT is supporting the key benchmark indices to remain in the green. Infosys and ITC hit fresh all-time highs, with Bajaj Finance reaching its highest level in the past seven months, which is ahead of its housing finance arm’s IPO.
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SENSEX and NIFTY50 retreat from day’s highs as auto stocks drag, broader markets turned red
The Indian equity benchmark indices pulled back from their all-time high levels reached earlier in the session. Despite this retreat, both indices remained in positive territory, with NIFTY50 holding above the 25,300 mark and the SENSEX above the 82,600 mark, up by 0.25% and 0.29%, respectively, during midday trading. The Nifty Bank was nearly flat, up by 0.02%. Meanwhile, the India VIX, a volatility gauge, surged almost 3.6%, nearing the level of 13.9, highlighting rising volatility.
On the sectoral front, the majority of the indices traded in red, led by Nifty Metal (-0.79%) and Nifty Auto (-0.60%). On the other hand, Nifty IT (+0.84%) and Nifty FMCG (+0.76%) were the top two gainers. The Nifty IT index extended its rally and marked a fresh all-time high on Monday. For the year, the index is up by 21.5%.
A sell-off was witnessed in the broader markets, with the Nifty Midcap 100 and Nifty Smallcap 100 down by 0.32% and 0.27%, respectively. Market breadth was weak, as 1,340 stocks declined compared to 1,207 stocks that advanced.
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