Indian stock markets retreated from their flat opening on Tuesday, with key indices trading marginally lower by midday as investors weighed mixed global cues and domestic economic concerns.
As of 12:45 pm, the benchmark Sensex was down 174.10 points or 0.21% at 81,798.95, while the broader Nifty50 index shed 52.35 points or 0.21% to trade at 25,075.60.
The market breadth remained slightly positive, with 1,950 stocks advancing and 1,881 declining on the BSE. A total of 3,963 stocks were traded, with 230 hitting 52-week highs and 33 touching 52-week lows.
Banking stocks led the gains, with ICICI Bank rising 1.89% to top the Nifty gainers list. Other top performers included BPCL (1.80%), Bharti Airtel (1.52%), Asian Paints (1.44%), and Britannia (1.12%).
Auto stocks faced selling pressure, with Bajaj Auto plunging 3.15% to become the biggest Nifty loser. Other major decliners were Wipro (-2.49%), Bajaj Finance (-2.23%), Hindalco (-1.84%), and M&M (-1.76%).
Sectoral indices painted a mixed picture. The Nifty Bank index gained 0.23% to 51,936.90, while the Nifty Financial Services index added 0.21% to reach 23,908.40. The Nifty Next 50 and Nifty Midcap Select indices also traded in the green, up 0.20% and 0.17% respectively.
Market volatility was evident with 316 stocks hitting the upper circuit and 174 touching the lower circuit limits.
The tepid market performance comes despite positive global cues, with U.S. markets hitting record highs and Japan’s Nikkei reaching a three-month peak. Investors remain cautious as they await further cues from ongoing corporate earnings releases and key economic data.
The launch of Hyundai Motor’s IPO, touted as the largest in India’s history, is a major event being closely watched by market participants. Analysts suggest the automaker’s strong market position could drive IPO success.
Oil prices continued their downward trajectory, influenced by OPEC+’s reduced demand forecast and weak economic data from China, potentially impacting energy sector stocks.
As the trading day progresses, market observers will be keenly monitoring global developments, domestic economic indicators, and further corporate earnings reports for directional cues.