Markets at Noon: Sensex and Nifty Slip as Engineering and Petroleum Sectors Drag
By ScanX News Team
Indian equity markets traded lower at midday, with Nifty 50 down 0.45% and BSE Sensex falling 0.44%. Engineering Services and Petroleum Products sectors were top losers, while Printing & Stationery and Telecom sectors gained. CE Info Systems plummeted 7.7% following block deals, Paytm continued its downward trend, and Sterlite Technologies surged 12% on a new contract win. Overall market breadth leans negative, reflecting cautious investor sentiment.
*this image is generated using AI for illustrative purposes only.
Market Overview
Indian equity markets traded lower at midday, with both benchmark indices showing declines. The Nifty 50 was down 0.45% at 25,028.65, while the BSE Sensex fell 0.44% to 82,150.01. The market sentiment appears cautious as key sectors face selling pressure.
Sectoral Performance
The market witnessed a mixed performance across sectors.
Top Losers
| Sector | Decline (%) |
|---|---|
| Engineering Services | 1.47 |
| Petroleum Products | 1.10 |
| Insurance | 1.09 |
| Aviation | 1.01 |
Top Gainers
| Sector | Gain (%) |
|---|---|
| Printing & Stationery | 2.23 |
| Telecom | 1.32 |
| Castings, Forgings & Fasteners | 1.23 |
| Transport Services | 0.65 |
Buzzing Stocks
Several stocks made headlines during the trading session:
CE Info Systems Ltd.
The stock plummeted over 7.7% following block deals worth Rs 52.55 crore on the NSE. Approximately 5.3% of equity changed hands, with the identities of buyers and sellers remaining undisclosed.
One97 Communications Ltd. (Paytm)
Paytm shares continued their downward trend, falling nearly 6% in today's session. The decline comes despite the company's recent approval of stock options for eligible employees.
Sterlite Technologies Ltd.
In contrast to the overall market sentiment, Sterlite Technologies Ltd. shares surged over 12%, hitting a six-month high. The rally followed the company's announcement of winning a Rs 2,631-crore contract from BSNL for a network project in Jammu and Kashmir, and Ladakh.
Market Breadth
The overall market breadth leans towards the negative side, reflecting the cautious sentiment among investors. The decline in major indices, coupled with the underperformance of key sectors like Engineering and Petroleum, suggests a risk-off mood in the market at midday.
As the trading day progresses, investors will be closely watching for any shifts in sector performance and individual stock movements that could influence the market's direction for the remainder of the session.
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