Benchmark stock market indices Sensex and Nifty were trading over half a per cent lower on Wednesday, amid reports that US would likely to maintain tariffs on Chinese items ahead of the signing of an initial trade deal. At noon, S&P Sensex was trading 263 points or 0.63 per cent lower at 41,689.02 points, while the broader Nifty 50 index also gave up the psychological 12,300-mark and was trading 72 points, or 0.58 per cent, lower at 12,290 points. "Nifty is trying to respect the support of 12,300 level if manages to hold this level then we can expect a smart recovery in the second half, " Santosh Meena, Senior Analyst, TradingBells said.
IndusInd Bank was the top laggard in the Sensex pack, down 4.33 per cent, followed by Infosys, State Bank of India, ICICI Bank, HDFC and UltraTech Cement, each down over 1 per cent. While, Here MotoCorp, Titan and Mahindra & Mahindra (M&M) gained the most. "Banking space some creates pressure in the market while metal, realty space is doing well today," Santosh Meena said.
Among sectoral indices, the Nifty Bank index slipped over 350 points to trade around 31,700 levels weighed by weakness in the shares of IndusInd Bank, RBL Bank and State bank of India (SBI). While Nifty Metal was trading higher with the gains in APL Apollo Tubes, MOIL and Vedanta.
In the broader markets, the S&P BSE MidCap index ticked up 25 points, or 0.16 per cent, at 15,429 points while the S&P BSE SmallCap index gained 84 points or 0.59 per cent."The market started the day with some profit booking after 5 days of rally but the undertone of the market is still strong as Midcap and Smallcap space is doing very well. Some PSU stocks are outperforming in today’s trade where NBCC, NMDC, National Aluminum are leading the pack. The gas sector is the sector of the day after positive outlook by some institutional brokerage houses, " Santosh Meena, Senior Analyst, TradingBells said.