Mid-market trade: Nifty holds on to 25,100 levels, Sensex down nearly 520 pts; India VIX up 6%
Indian indices recouped some of their previous day's losses helped by better Q2 business updates from some of the financial companies.
Indian equities after relentless sell-off yesterday triggered amid steep FII selling over the last three sessions is highly volatile in trade today. After moving in the green, indices have again fallen sharply, thanks to the steep losses in FMCG, auto, media, realty and oil and gas pack.
Meanwhile, IT and PSU Banks, while remaining in the green, saw significant profit booking.
At around 1:28 pm, Nifty was down at 25,101.5, down 0.6 per cent, while Sensex was dragged down by 0.63 per cent or 516.79 points to 81,980.31.
Within the IT pack, all 10 constituents traded in the green, with Infosys emerging as the top Nifty gainer with nearly 3 per cent gains.
Atul Parakh, CEO of Bigul held that Nifty IT's resilience today stems from multiple factors. Despite overall market weakness due to Middle East tensions and US payroll anticipation, Accenture's recent results, showing a neutral to positive outlook without major negatives, likely bolstered investor confidence.
The sector's relative strength suggests it may be viewed as a safer haven amid global uncertainties. However, ongoing growth concerns and geopolitical issues could maintain volatility in IT and related sectors moving forward.
OMC stocks are in focus as the crude oil price has spiked amid the escalating Middle East tension. Shares of HPCL and Indian Oil (IOC) traded with a cut of up to 1 per cent.
Bank of Baroda shares gained over 4 per cent as Citi maintained its buy call on the stock.
Meanwhile, Asian markets traded with gains, led by the Hang Seng's gain of around 2 per cent.
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01:32 PM IST