SENSEX rebounds from day’s low to trade above 79,000 level, Nifty Metal sinks to a two-month low

The Indian equity benchmark indices bounced from the day’s low to trade flat on Wednesday. The benchmark indices, NIFTY50 and SENSEX, saw marginal gains of 0.03% and 0.13%, respectively.

Despite slipping below its previous session’s low and breaching the 24,100 level, the NIFTY50 managed to regain ground, led by strong performance of IT giant TCS, which helped mitigate losses. The SENSEX traded above the 79,000 level.

However, the Nifty Bank index was seen underperforming, falling over 100 points to hit a fresh two-month low of 49,654.65. This index is currently hovering around the 50% retracement level of the rally seen from June lows to July highs.

On the sectoral front, most indices traded in red, led by Nifty Metal (-1.27%), hitting a fresh two-months low dragged by Tata Steel and JSW Steel. On the flipside, Nifty IT (+1.27%) was the top performing sector, with all constituents trading in green except for Coforge.

Broader markets underperformed, with the Nifty Midcap 100 and Nifty Midcap 100 indices both down by 0.76% and 0.78%, respectively. Market breadth was extremely weak, with 1,621 stocks declining against 651 advancing stocks.