Mid-day updates: Markets trade lower as banks, FMCG stocks drag; Airtel surges 

Equity markets traded in the red during mid-day trading on Wednesday, with banking and FMCG stocks weighing on sentiment as investors digested the RBI’s monetary policy announcement. The benchmark BSE Sensex fell 156.96 points or 0.20 per cent to 77,901.20, while the broader NSE Nifty declined 30.50 points or 0.13 per cent to 23,572.85 at 12.40 PM.

The market breadth remained negative, with 2,110 stocks declining compared to 1,629 advances on the BSE. The session saw 73 stocks hitting their 52-week lows, while 49 touched their 52-week highs. Circuit filters were triggered for 179 stocks on the lower end and 145 stocks on the upper end.

Banking stocks faced selling pressure, with the Nifty Bank index dropping 0.57 per cent to 50,093.65. The financial services sector mirrored this trend, with its sectoral index declining 0.58 per cent to 23,523.60. State Bank of India fell 1.63 per cent, while ICICI Bank shed 1.19 per cent.

Bharti Airtel emerged as the top gainer on the NSE, surging 4.36 per cent, followed by metal stocks Tata Steel and JSW Steel, which advanced 3.48 per cent and 2.97 per cent respectively. Retail chain Trent gained 3.05 per cent, while ITC Hotels rose 2.84 per cent.

On the losing side, FMCG major ITC continued its downward trajectory, falling 2.05 per cent following disappointing third-quarter results. Apollo Hospitals declined 1.47 per cent, while defense equipment manufacturer Bharat Electronics Limited (BEL) dropped 1.20 per cent.

The mid-cap segment showed resilience, with the Nifty Midcap Select index gaining 0.52 per cent to reach 12,035.65. Meanwhile, the Nifty Next 50 remained relatively stable, showing a marginal decline of 0.02 per cent to 63,527.15.

Market participants are closely monitoring the implications of RBI’s first rate cut in nearly five years, which saw the repo rate being reduced by 25 basis points to 6.25 per cent. The central bank’s decision comes amid moderating inflation and expectations of sustained economic growth, as outlined in the recent Economic Survey projecting 6.4 per cent GDP growth for FY25.