Benchmark indices traded lower in Thursday afternoon trading, with FMCG stocks leading the decline while auto shares provided some support. The BSESensex fell 159.89 points or 0.21 per cent to 77,531.06, while the NSENifty declined 33.30 points or 0.14 per cent to 23,525.75 around 12.30 PM.

Auto major Eicher Motors emerged as the top gainer on the Nifty, surging 7.57 per cent, followed by Hero MotoCorp which advanced 2.38 per cent. HDFC Life, Reliance Industries, and Coal India also showed strength, rising 1.25 per cent, 1.15 per cent, and 1.14 per cent respectively.

However, FMCG heavyweights dragged the market, with BPCL dropping 2.62 per cent and Hindustan Unilever falling 2.53 per cent. Tata Consumer Products declined 1.98 per cent, while ITC and Adani Ports shed 1.88 per cent and 1.78 per cent respectively.

The broader market showed resilience, with the Nifty Next 50 gaining 0.52 per cent to 67,448.25 and Nifty Midcap Select rising 0.22 per cent to 12,098.10. Banking and financial services sectors remained positive, with Nifty Bank up 0.35 per cent at 50,264.45 and Nifty Financial Services advancing 0.39 per cent to 23,228.00.

Market breadth remained positive with 2,172 stocks advancing compared to 1,636 declines on the BSE. Trading activity was notable with 213 stocks hitting upper circuit and 355 touching lower circuit limits. The market witnessed 123 stocks reaching 52-week highs, while 124 touched their 52-week lows.

The indices have retreated from their morning gains when the Sensex opened at 77,636.94 and Nifty at 23,542.15. Markets continue to face pressure from sustained foreign investor selling, with over ₹27,600 crore withdrawn in November so far.

Investors are closely monitoring global cues, particularly the impact of US inflation data and corporate earnings announcements from major domestic companies. The market remains susceptible to intraday volatility as the Nifty trades near its crucial technical level of 23,500.

Published on November 14, 2024