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Benchmark indices were trading in the green during the afternoon on Thursday, led by IT stocks.
The stock market remained volatile in the first half amid mixed global cues. Benchmark indices, however, recorded fresh highs for the third consecutive session, supported by IT stocks even as the broader market continued to face a sell-off.
At 1 pm, the BSE Sensex was trading at 54,581.29, up 211.52 points or 0.39 per cent. It recorded a new peak of 54,638.36. It hit an intraday low of 54,230.89. The Nifty 50 was trading at 16,317.90, up 59.10 points or 0.36 per cent after recording a fresh high of 16,335.40. It hit an intraday low of 16,210.30.
Bharti Airtel, Eicher Motors, HCL Tech, Tech Mahindra and Kotak Bank were the top gainers on the Nifty 50 while State Bank of India, IndusInd Bank, Bajaj Finance, UPL and NTPC were the top laggards.
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, sentiments in the domestic market were still intact even as the market witnessed lackluster movement after two days of positivity.
“Early support came from the PHDCCI, which asked for a three-tiered GST rate structure, with the highest slab at 18 per cent, to stimulate consumption and reduce evasion,” said Garg.
Financials, auto, and realty under pressure
On the sectoral front, while IT stocks recovered sharply; financials, realty, and auto witnessed profit booking. Metal and pharma also gained.
Nifty Bank was down 0.11 per cent while Nifty Financial Services was trading flat, up 0.03 per cent. Nifty Private Bank was down 0.15 per cent while Nifty PSU Bank was down 2.02 per cent. Nifty Realty was down 1.51 per cent while Nifty Auto was down 0.32 per cent.
Meanwhile, Nifty IT was up 1.06 per cent. Nifty Metal was up 0.31 per cent while Nifty Pharma was up 0.19 per cent.
Broader indices under pressure
Midcap and smallcap stocks remained under pressure.
Nifty Midcap 50 was down 0.31 per cent while Nifty Smallcap 50 was down 0.38 per cent. The S&P BSE Midcap was down 0.35 per cent while the S&P BSE Smallcap was down 0.55 per cent.
The volatility index rose 0.49 per cent to 13.28.
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