Midday Market Overview:
Benchmark indices Sensex and Nifty experienced a significant decline of nearly 1% each during mid-session trading on Friday. As of 12:38 PM, the Sensex stood at 81,118.34, down 749.21 points or 0.92% from its previous close. The Nifty was at 24,771.95, showing a drop of 238.95 points or 0.96%.
Sector Performance:
Among the top gainers on the Nifty were HDFC Bank, Divi’s Lab, Nestle India, Kotak Bank, and Apollo Hospitals. Conversely, the major decliners included Eicher Motors, Maruti, Tata Motors, Tata Steel, and JSW Steel. Notably, the Nifty Auto, Metals, and Realty indices each fell by more than 2% during the session. The only sector to buck the trend was Nifty Pharma and Healthcare, which showed resilience amid the broader market decline.
Market Drivers:
The downturn in the benchmark indices is attributed to substantial losses in US and Asian equities observed yesterday. Additionally, market participants noted that the recent sharp rise in domestic equities had made them susceptible to a correction.
Related topics: