Sensex, Nifty trim morning gains by midday; Banking holds firm as IT, Pharma, Consumer stocks weigh
Axis Bank rises 1.55% to ₹1,273.30, ICICI Bank gains 1.04% to ₹1,441.30, SBI advances 0.84% to ₹1,029.50, and HDFC Bank adds 0.84% to ₹706.70
By midday on Thursday, benchmark indices the Sensex and Nifty trimmed their early-day gains, with the Nifty 50 slipping into slight negative territory. Despite banking stocks stabilizing, precious metals benefited from softer US labor data. The Sensex closed at 76,593.78, up 23.43 points or 0.03 percent, while the Nifty 50 dropped to 23,913.20, a decline of 1.25 points or 0.01 percent.
BSE saw 2,436 stocks advance, compared to 1,673 declining, with 234 remaining unchanged. Among 52-week highs, 155 stocks achieved this milestone, while 82 hit 52-week lows. Banking firms like Adani Ports, Axis Bank, ICICI Bank, SBI, and HDFC Bank led the gains, while IT, pharma, and consumer stocks weighed on the market. Tech Mahindra, Cipla, and Eicher Motors declined, while precious metals rebounded on the weaker labor data.
ADP data showed U.S. private payrolls rose by 38,000 in August, below expectations, signaling a cooling labor market before the upcoming nonfarm payrolls report. Gold recovered, with MCX Gold trading above ₹1,53,500 and MCX Silver near ₹2,39,000. The rupee strengthened to ₹94.41 against the dollar, supported by RBI intervention and foreign currency inflows.
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