Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
The key Indian equity indices traded on a subdued note on Thursday morning amid largely choppy trade. Selling pressure was witnessed in banking stocks. Fall in the index-heavyweights HDFC Bank and Infosys weighed on the indices.
Around 10.15 a.m., Sensex was trading at 58,185.40, lower by 64.86 points or 0.11 percent from its previous close of 58,250.26 points. It opened at 58,172.98 and has touched an intraday high of 58,270.49 and a low of 58,112.20 points.
Nifty50 on the National Stock Exchange was trading at 17,331.05, lower by 22.45 points or 0.13 percent from its previous close.
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The top gainers on the Sensex were Nestle India, Larsen & Toubro, and HDFC, while the major losers were Axis Bank, UltraTech Cement, and Tech Mahindra.
LIC’s (Life Insurance Corporation of India) IPO seems to be picking up pace now as the government on Wednesday appointed 10 bankers, including Goldman Sachs (India) Securities and JP Morgan India, to help prepare for the behemoth public issue. The government plans to list LIC on the stock exchanges by March 2022.
BSE Sensex was up 31 points at 58,283 while NSE Nifty rose by 11 points to trade at 17,364. ONGC, Tata Motors, Nestle, Britannia, and IOC were the top gainers on Nifty, while SBI Life and Axis Bank were the top losers.
In the broader markets, the BSE Midcap index was up 0.24%, while BSE Smallcap rose 0.34 percent. Sectorally, Nifty FMCG, media, and auto were the top gainers. Nifty Realty was the top sectoral loser.
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