Indian markets turned bearish in the early afternoon trade on Wednesday, retreating sharply from the day's high, dragged lower by under-performing midcaps, sectoral indices and political developments.
The benchmark indexes were also under pressure after sustained selling in auto, metal, and telecom stocks. That the Lok Sabha Speaker Sumitra Mahajan has accepted the Telugu Desam Party's (TDP) no-confidence motion against the Narendra Modi government hasn't helped investor sentiment.
At 1 pm, the Sensex traded at 36,478.91, lower by 41.05, or 0.11 percent. So far, the Sensex has ranged between 36,747.87 and 36,320.92, after opening at 36,722. The NSE Nifty regained the 11,000 level at 1 pm, with the 50-share broader index trading at 11,006.35, lower by 1.70 points, or down by 0.02.
Among sectoral indices, BSE Metal, Realty, Telecom, have seen maximum decline. Nifty PSU Bank is lower by half a percent.
(Market update as of 1 pm)
Here's how the markets have performed so far
Indian markets held on to gains after a strong start on Wednesday, building on Tuesday’s rally and boosted by a stronger rupee, reduced crude oil prices and sustained buying by domestic institutional investors.
Global cues are also positive with most Asian markets trading higher with the exception of Hong Kong’s Hang Seng. Wall Street also posted gains overnight.
Earlier, the Sensex catapulted over 200 points to register a new high of 36,747.87 in early trade, buoyed by gains in oil and gas, bank, realty and entertainment shares.
The 30-share S&P BSE index jumped by 227.91 points, or 0.62 percent, to hit a new high of 36,747.87, surpassing its previous record of 36,740.07 recorded on July 13.
At 11.35 am, the Sensex traded at 36,643.65, or 123 points higher, or by 0.34 percent. The BSE index had gained 196.19 points in the previous close. The Nifty trades hovers around 11,050 level, at 11,057.25, or up by 49.20 points, or 0.45 percent.
Major gainers include Adani Ports, HDFC twins, Sun Pharma, ONGC, Coal India, Asian Paint, Wipro, Bajaj Auto, Hero MotoCorp, Maruti Suzuki, Infosys, PowerGrid, L&T, RIL and TCS, rising up to 1.65 percent.
Top losers included Bharti Airtel, Tata Steel, Tata Motors, Vedanta, Hindustan Unilever, Idea Cellular, Hindalco. Midcaps on both indexes are trading lower by up to 0.7 percent.
BSE Sectoral indices led by oil & gas, capital goods, energy have gained up to 1.52 percent. Telecom and metal are the biggest losers with 2.20 percent and 1.81 percent respectively.
Nifty Metal and PSU Bank are down by 1.75 percent and 1.23 percent respectively.
Domestic institutional investors (DIIs) bought shares worth a net of Rs 840.06 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 673.99 crore yesterday, PTI reported.
First Published: IST