BSE Sensex trades flat as banking stocks surge, IT & Auto face selling pressure

Despite early gains being trimmed due to profit-booking, cautious optimism persisted, supported by favorable inflation data and monsoon forecasts.
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Equity benchmarks traded nearly flat by midday on Wednesday with mixed performance across sectors, as banking stocks outperformed while auto and IT shares faced selling pressure. The BSESensex traded at 76,730.33, marginally down by 4.56 points or 0.01 per cent from its previous close, while the NSE Nifty50 showed minimal gains of 9.15 points or 0.04 per cent, trading at 23,337.70 as of 13.10.

Banking stocks emerged as clear outperformers, with the Nifty Bank index advancing 425.10 points or 0.81 per cent to 52,804.60. IndusInd Bank led the rally with a remarkable 5.92 per cent surge, followed by Axis Bank which climbed 3.87 per cent. The financial services index also edged higher by 0.20 per cent.

Among other top gainers, retail giant Trent rose 2.37 per cent, while HDFC Life Insurance advanced 2.14 per cent and Eicher Motors gained 1.76 per cent. In contrast, automaker Maruti Suzuki dropped 1.82 per cent, followed by Hindalco Industries which declined 1.79 per cent. Bajaj Finance, Infosys, and Adani Enterprises rounded out the top losers, falling 1.42 per cent, 1.04 per cent, and 1.02 per cent respectively.

The broader market showed strength with the Nifty Next 50 rising 0.38 per cent and the Nifty Midcap 100 gaining 0.42 per cent. Market breadth remained decisively positive, with 2,558 stocks advancing against 1,226 declines on the BSE. Sixty-one stocks reached their 52-week highs, while only 26 touched their 52-week lows.

After opening higher, benchmark indices pared early gains as profit-booking emerged in select heavyweight counters. The market’s moderate performance comes despite foreign institutional investors (FIIs) turning net buyers earlier this week for the first time this month, while domestic institutional investors (DIIs) were seen booking profits.

Circuit filters were triggered for 407 stocks, with 295 hitting upper circuits and 112 touching lower circuits, reflecting pockets of high volatility in specific counters.

Trading sentiment remains cautiously optimistic, supported by cooling inflation data and forecasts of above-normal monsoon, which is expected to benefit agriculture-linked sectors. However, ongoing global trade tensions between the U.S. and China continue to cast a shadow on overall market sentiment.

As the trading day progresses, market participants await U.S. retail data and Federal Reserve commentary for further direction, with volatility indicators showing signs of easing compared to previous sessions.

Published on April 16, 2025