Sensex Flat, Nifty Slips as Metals and Banks Weigh

Indian equities remained rangebound with a mild negative bias on Thursday, August 13, after recovering sharply from their morning lows. Around 2 PM IST, the Sensex was trading at 77,984, up about 18 points or 0.02 per cent, while the Nifty 50 was at 24,392, lower by 44 points or 0.18 per cent. The Nifty had slipped to an Intraday low of 24,311 before recovering, highlighting the tug of war between buying at lower levels and caution around global cues.

Broader markets showed better resilience. The Nifty Bank slipped 0.44 per cent to 57,629, while the Nifty Midcap 100 was almost flat at 63,994, down 0.05 per cent. Smallcaps outperformed, with the Nifty Smallcap 100 gaining 0.25 per cent to 19,871. This kept overall market breadth relatively balanced despite weakness in the headline Nifty.

Sectorally, Nifty Realty led the gains, rising 0.78 per cent, helped by strength in stocks such as Oberoi Realty and Lodha Developers. Nifty FMCG gained 0.52 per cent, while Nifty IT advanced 0.36 per cent, supported by buying in select technology names including Tech Mahindra.

On the other side, Nifty Metal fell 1.07 per cent, making it the weakest major sector. Hindalco, NALCO and Vedanta remained under pressure. The Nifty Private Bank index declined 0.50 per cent, with ICICI Bank, Federal Bank and Bank of Baroda trading lower, while Nifty Pharma slipped 0.43 per cent.

Stock-specific action remained lively. Astral surged more than 8 per cent after strong Q1FY27 results triggered renewed buying interest. Tata Motors' commercial vehicle business gained around 3 to 4 per cent after reporting an 83.3 per cent year-on-year rise in quarterly net profit to Rs 2,560 crore. Sun TV Network gained around 4 per cent after Q1 profit rose about 17 per cent and revenue increased 13 per cent. Meanwhile, Indraprastha Gas slipped around 1.7 per cent after quarterly net profit fell 29.5 per cent sequentially to Rs 240 crore.

Institutional flows continue to provide an important backdrop. The latest available provisional cash-market data for August 12 showed FIIs selling shares worth Rs 1,002.50 crore, while DIIs bought Rs 5,841.66 crore, providing a strong domestic cushion against overseas selling. August 13 figures will be available only after the market closes.

Global cues were mixed. Japan's Nikkei gained more than 1 per cent, while Chinese equities traded lower. Brent crude remained elevated near USD 88 to USD 89 per barrel, keeping inflation and rupee concerns alive, while the US dollar strengthened to a two-week high amid continuing Middle East uncertainty.

For the remainder of the session, 24,300 remains the immediate level to watch on the Nifty, while the 24,430 to 24,500 zone could act as near-term resistance. Crude oil, geopolitical developments and the ability of banking stocks to recover are likely to determine whether the index can build on its intraday rebound.

Disclaimer: The article is for informational purposes only and not investment advice.