Mid-day market trade: Nifty stages an over 100 points recovery from days low; broader markets gain over 1%

Indian equities in Monday's trade after starting on a weak note amid global political uncertainty at one point pared all its losses. Nonetheless, in the mid-day trade it continued to trade lower and last at the time of writing the copy Nifty traded lower by 0.18 per cent at 24,486.6 points. At the day's low, Nifty hit levels of 24,362.3 -an over 100 points recovery from the day's lowest levels. The BSE 30-scrip Sensex index traded lower by 0.17 per cent or 136.12 points at 80,468.53, while at day's low the index notched levels of 80,100.65.

Nonetheless, against expectations broader markets are seeing an outperformance, with the Nifty Midcap 100 index up around 1.31 per cent.

Indian equities in Monday's trade after starting on a weak note amid global political uncertainty at one point pared all its losses. Nonetheless, in the mid-day trade it continued to trade lower and last at the time of writing the copy Nifty traded lower by 0.18 per cent at 24,486.6 points. At the day's low, Nifty hit levels of 24,362.3 -an over 100 points recovery from the day's lowest levels. The BSE 30-scrip Sensex index traded lower by 0.17 per cent or 136.12 points at 80,468.53, while at day's low the index notched levels of 80,100.65.

Nonetheless, against expectations broader markets are seeing an outperformance, with the Nifty Midcap 100 index up around 1.31 per cent.

Within the Nifty pack, top gainers included stocks like Grasim Industries, UltraTech Cement, NTPC, HDFC Bank and Dr. Reddy's Laboratories, while top losers from the basket included stocks such as Wipro, Kotak Mahindra Bank, RIL, ITC and SBI Life Insurance.

Sectorally, metal, auto and pharma pack curbed the losses on the indices with buying interest, while the energy, realty, FMCG and IT indices saw selling pressure.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services pointed out that President Biden opting out of the presidential race is unlikely to influence the market now. Market will wait for clarity to emerge on Trump’s winning chances.

He also added that the market expects a positive Budget which is growth oriented and fiscally prudent with income tax reliefs for the middle class. Also the market expects status quo on the Long Term Capital Gains taxation. If there is any disappointment in these areas the market can react negatively. On the other hand, if the Budget delivers on expectations, aggressive retail buying can lift the market to new highs.

European markets, meanwhile, traded on a strong note, with French CAC index-the most resilient with gains of 1.22 per cent.