Sensex, Nifty Show Diverging Trade For Second Day After Implementing CAS Mechanism
· Free Press Journal
For the second day in a row, the Indian equity benchmark indices Sensex and Nifty are showing divergence as the markets regulator implemented the closing auction session (CAS) to determine the closing prices of eligible Futures & Options (F&O) stocks.
While the Sensex is trading in the green, the 50-share index is in red with marginal loss. At around 10:50 am, Sensex was trading over 310 points higher, or 0.4 percent, at 78,740.
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On the other hand, Nifty was in red with a slight decline of around 10 points to trade at 24,605.
Earlier to it, the Sensex opened higher by 627 points at 79,055 compared to the previous close of 78,428.
Nifty Plunges As Sensex Moves Differently, Is Something Wrong With The Market? NSE Reveals The Real ReasonNifty, on the contrary, opened just 55 points, or 0.22 percent, higher.
However, market breadth remained positive. Of the 3,177 stock trading on the National Stock Exchange on Wednesday, 2,149 stocks were trading in green while 924 stock were in red.
Robust Domestic Demand Behind RBI's 10 Bps Hike In FY27 GDP ForecastAmong the Nifty 50 gainers, Grasim Industries was trading at the top with a rise of over 2.22 percent, followed by Larsen & Toubro which was up by 1.8 percent.
Stocks of automobile and information technology companies, like Mahindra & Mahindra, Bajaj Auto, Tata Motors Passenger Vehicles, Tech Mahindra, Wipro and Infosys also remained in the green.
Among the losers, Apollo Hospitals led the pack with a decline of 1.1 percent, followed by ITC which lost 1 percent. Apart from it, banking stocks dominated the losers chart such as ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
The decline came even as the Reserve Bank of India in its latest Monetary Policy Committee meeting kept the repo rate unchanged at 5.25 percent. The central bank also raised the GDP growth forecast for FY27 and eased its inflation expectation on back of robust domestic demand.