Indian equity market slipped from highs on Wednesday afternoon as investors took to profit-booking after a broad rally in the first half waned. Crude prices firming up and an unchanged rupee additionally weighed on trade sentiment.
The BSE Sensex traded at 37,284.83, slightly down by 5.84 points, or 0.02 percent, while the NSE Nifty50 was in the green, marginally up by 2.60 points, or 0.02 percent higher, to trade at 11,281.50 at 1.35 pm.
Midcaps traded sharply lower with the Nifty MidCap dipping nearly a percent, while the BSE MidCap declined by nearly half a percent. Nifty Bank traded flat, slipping by 0.07 percent, but gains in PSU banks kept the indice higher at 0.71 percent.
Metal shares also were off from the day's high with the Nifty Metal traded higher by 1.34 percent. Nifty Media slumped 2.33 percent.
Among stocks, HDFC twins, Reliance Industries, Maruti Suzuki, IndusInd Bank, Hindustan Unilever, Yes Bank, Axis Bank, ITC and Wipro were among top laggards, while ICICI Bank, Kotak Bank, TCS, ONGC and LT offered support.
Market update as of 1.35 pm) Sensex, Nifty break two-day losing streak; Metal, energy stocks lead
Indian equity market recovered from previous session's losses to trade higher, helped by buying in metal and bank shares.
Investor sentiment also turned positive as the rupee recovered against the US dollar following weak crude oil prices.
The BSE Sensex traded at 37,414.51, higher by 123.84 points, or by 0.33 percent at 11.50 am, while the NSE Nifty 50 traded at 11,320.20, rising by 41.30 points, or by 0.37 percent.
The Nifty has ranged between 11,332 and 11,280, after starting at 11,326, while the Sensex has traded between a high of 37,530.63 and a low of 37,295.57.
Midcaps trade mixed with the Nifty MidCap slipping by 0.04 percent, while the BSE MidCap edged up by 0.23 percent.
PSU oil market refiners and energy stocks also gained as crude prices eased. BPCL, HPCL, Gail, ONGC rose by up to 2.73 percent, while other major gainers were Hindalco, Hero MotoCorp, Tata Steel, Coal India and Bajaj Auto, rising by up to 2.62 percent.
Zee Entertainment shares dipped over 2 percent, while Titan, Lupin, Bajaj Finserv, UPL, HDFC twins, Maruti Suzuki, IndusInd Bank and Wipro were other major laggards, slipping by up to 1.36 percent.
Sugar stocks dipped after rising in early trade as the Union cabinet deferred decision on subsidy for sugar exports.
Only 2 out of the 19 sectoral indices on the BSE traded negative with Consumer Durables under maximum pressure. Metal, Oil & Gas and Basic Materials rose by up to 2.04 percent.
On the NSE, Nifty Media dipped 1.76 percent, while Realty and FMCG were also in the red. Metal surged 2 percent, while Nifty Bank was higher at 0.34 percent. Both PSU Bank and PVT Bank surged well over half a percent.
The Indian rupee traded at 72.52 against the US dollar at 12.10 pm.
Asian markets continued their uptrend with Japan's Nikkei maintaining gains over a percent. Hang Seng rose 1.33 percent.Also, catch all the action and updates in our
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