Sensex, Nifty Edge Lower; Banking, IT Shares Among Top Drags

Gains in Reliance, HDFC, L&T, Infosys and Asian Paints were offset with losses in HDFC Bank, TCS, Maruti Suzuki and State Bank of India.

Sensex, Nifty Edge Lower; Banking, IT Shares Among Top Drags

Indian equity benchmarks edged lower on Thursday as investors booked profits after two days of strong up move wherein both the benchmarks surged over 3 per cent in two sessions. Meanwhile, weekly expiry of index futures and option contracts added to volatility, analysts said. The Sensex fell as much as 151 points and Nifty 50 index touched an intraday low of 17,423.

As of 9:38 am, the Sensex was up 5 points at 58,655 and Nifty 50 index fell 11 points to 17,458.

Gains in Reliance Industries, HDFC, Infosys, ICICI Bank and Bajaj Finance were offset with losses in HDFC Bank, Tata Consultancy Services, Kotak Mahindra Bank and State Bank of India.

Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Bank index's 0.4 per cent fall. Nifty Financial Services, Metal, PSU Bank, Private Bank and Auto indices were also trading with a negative bias.

On the other hand, Oil & Gas, Pharma and Media shares were witnessing a mild buying interest.

Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.27 per cent and Nifty Smallcap 100 index fell 0.84 per cent.

JSW Steel was top Nifty loser, the stock fell 1.6 per cent to Rs 662. HDFC Bank, TCS, Tata Steel, Axis Bank, NTPC, Hindalco, Titan, State Bank of India, Kotak Mahindra Bank, Eicher Motors and BI Life were also among the losers.

On the flipside, Bharat Petroleum, Reliance Industries, UPL, Dr Reddy's Labs, Indian Oil, Asian Paints and Coal India were among the gainers.

The overall market breadth was positive as 1,761 shares were advancing while 938 were declining on the BSE.