SENSEX and NIFTY50 trade with modest losses, Nifty Bank jumped 400 points

The Indian equity benchmark saw a soft opening on Thursday, with frontline indices initially extending their decline. However, a recovery in the banking and financial stocks helped lift the indices from their lower levels. By midday, the NIFTY50 was trading above the 24,400 mark, though still down by 0.08%. Similarly, the SENSEX recovered from its lows to trade flat. On the other hand, the Nifty Bank outperformed, gaining 0.78% or 400 points. Despite attempts to recover after three consecutive days of decline, profit booking at higher levels is seen.

India's private sector economy showed improvement in October after a slowdown in the month of September. This uptick was driven by stronger demand in the manufacturing sector. Additionally, the survey revealed that job creation accelerated, marking the fastest pace of hiring since February 2006.

The NIFTY50 market breadth was evenly poised, with 25 stocks advancing and 25 declined. However, the overall market breadth displayed weakness, as 1,310 stocks declined while 1,047 advanced.

The broader indices witnessed a mixed performance, with the Nifty Midcap 100 index down by 0.14%, while the Nifty Smallcap 100 index gained 0.28%. Among the sectoral indices, the Nifty PSU Bank and Nifty Bank were top gainers, gaining 1.34% and 0.77%, respectively. On the other hand, Nifty FMCG tanked by 2.67%, emerging as the top loser.