Stock market update: Midcaps underperform Sensex; Jindal Steel, IIFL among top drags

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NEW DELHI: Midcaps were underperforming benchmark Sensex during Friday’s session.

Around 12:25 pm, the BSE Midcap was 0.49 per cent down at 15,475, while the BSE Sensex was 0.21 per cent up at 36,625. The NSE Nifty50 was 0.09 per cent up at 11,033 around that time.

IDBI Bank (down 4.80 per cent), Jindal Steel & Power (down 4.77 per cent), IIFL Holdings (down 3.67 per cent), Bank of India (down 3.42 per cent) and Canara Bank (down 3.04 per cent) were among the top losers in the midcap index.

However, Mphasis (up 3.87 per cent), Adani Enterprises (up 2.98 per cent), Shriram Transport Finance Company (up 2.87 per cent), Adani Power (up 1.82 per cent) and Vakrangee (up 1.81 per cent) were among the top gainers in the index.

Market sentiment was cautious even as global stocks were mostly firm.

Caution crept in after government data, released on Thursday, showed that the retail inflation accelerated to a five-month high of 5 per cent in June compared to 4.87 per cent in May, while industrial production moderated to 3.2 per cent in May compared to 4.9 per cent in April.

Bank and auto stocks were among the top drags on the Sensex index. However, Reliance Industries, HDFC twins, Infosys and Tata Consultancy Services were still holding up.
In the Sensex index, 17 stocks were advancing, while 14 were declining.

Axis Bank, State Bank of India and ICICI Bank were among the top losers in the Sensex index.

Source: Economic Times