The markets gave up gains in afternoon trade. The Sensex and the Nifty both started on a steady note but gave up most of the intra-day gains post noon. The Nifty is now hovering close to the 25,100 mark while the Sensex is now below the key 82.500 mark. Power, banking, capital goods and Adani Group of stocks see significant selling pressure.
What’s even more worrying is that the small and midcaps that had held in last few sessions have now slipped into the red as well. This is impacting overall investor sentiment as well.
Underperforming overall markets, Bank Nifty opened 43 points or 0.08% lower at 56,585. The Nifty Midcap 100 advanced 132 points, or 0.22%, to open at 59,814.
“The market is likely to continue in the consolidation range with a slight upward bias. A clear breakout above the Nifty 25,100 level, and sustaining above this level, will require sustained large buying. This can happen on positive news regarding a US-China trade deal. Reports of both countries reaching an agreement to implement the Geneva consensus are positive. China is playing their ‘rare earth minerals card’ effectively. How this trade deal between the two global economic giants develops remains to be seen,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Reliance Industries, Coal India, M&M, ONGC, and Bajaj Auto. The top movers in the Nifty 50 were Reliance Industries, ICICI Bank, M&M, Zomato, and Infosys as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included Shriram Finance, Jio Financial Services, Grasim Industries, Kotak Mahindra Bank, and Bharat Electronics were the only laggards in the morning trade.
US-China trade talks conclude
The 20 hour long US and China have concluded trade talks have concluded after months of tensions and tariff frictions in London, as announced by top officials from the United States and China on Tuesday. Both countries have agreed upon a “framework” to move forward on trade. US Commerce Secretary Howard Lutnick said, “We have reached a framework to implement the Geneva consensus,” referring to the previous agreement that saw a 90-day suspension of steep tariffs on both sides.