Benchmark Indices Nifty and Sensex Retreat From Highs Amid Declines in IT and HDFC Bank

On Monday, Indian benchmark indices Nifty and Sensex witnessed a pullback from their record peaks as heavyweight components such as HDFC Bank and certain IT companies exerted pressure. Although the broader market saw advances in other sectors, this downturn reflected specific vulnerabilities.

Nifty and Sensex Witness Pullback

The Nifty index was moderately up by 57 points, a 0.24% increase standing at 23,347.15. Similarly, the Sensex went up by 87.73 points, marking a slight rise of 0.11%, and reached 76,781.09. Despite having hit all-time highs earlier in the day, with Nifty peaking at 23,411.90 and Sensex at 77,079.04, both indices retracted slightly.

Stock Performance and Sector Movements

There was a mix of performance among individual stocks. IT giants like Infosys and Tata Consultancy Services, along with financial heavyweight HDFV Bank, were among those contributing to the dip. Meanwhile, companies such as Reliance Industries, Axis Bank, and UltraTech Cement helped mitigate the impact of the decline.

While Nifty IT experienced a drop, other sectoral indices on the National Stock Exchange (NSE) recorded gains, particularly the Nifty Media Index. Additionally, midcap and smallcap stocks outshone the benchmark indices, with the BSE MidCap and SmallCap indices showing a jump of 0.62% and 1.21%, respectively.

The broader market saw a positive outlook with a majority of stocks advancing. On the Bombay Stock Exchange (BSE), the uptrend was evident with 2,676 stocks climbing, surpassing the 1,131 that fell.

Markets, Nifty, Sensex, IT, HDFC