SENSEX and NIFTY50 trade flat, Nifty Bank outperforms led by HDFC Bank and ICICI Bank

Indian equity benchmark indices, SENSEX and NIFTY50, started the session on a subdued note, with NIFTY50 opening below the 25,900 mark. However, as day has progressed, the frontline indices have rebounded from earlier lows, to trade nearly flat. By midday, SENSEX was trading with marginal gains of 9 points at 84,920, while NIFTY50 saw a modest decline of 18 points, trading at 25,922. The Nifty Bank, on the other hand, exhibited a positive trend, trading above the 54,000 mark, up by 61 points, outperforming the frontline indices. Meanwhile, India VIX has dipped by 2%.

The NIFTY50 index exhibited a negative breadth, with 34 stocks declining while only 16 stocks advanced. The overall market breadth reflected this weakness, as 1,392 stocks fell compared to 991 that advanced. The broader market indices traded in red, with the Nifty Midcap 100 and the Nifty Smallcap 100 declining by 0.56% and 0.19%, respectively.

Sectoral indices are trading mixed today, with Nifty Media (+1.42%) and Nifty Metal (+0.30%) leading the gains. Meanwhile, Nifty PSU Bank has emerged as a top loser, shedding over 1%, with all its constituents trading in the red. Nifty Auto, which is currently trading in red, earlier in the day hit a fresh record high, surpassing the 27,000 mark for the first time.