Mid-day Mood | Sensex, Nifty slip into red from record highs, broader indices outshine benchmarks

 

After hitting fresh record highs, frontline indices Sensex and Nifty erased all gains and slipped into the negative territory by April 4 mid-day. Market experts suggest buy-every-dip from here on as Nifty is poised to march to 23,000 mark soon.

Around noon, the Sensex was down 85.30 points or 0.12 percent at 73,791.52, and the Nifty was down 43.90 points or 0.20 percent at 22,390.80. The market breadth was in favour of gainers as about 1,963 shares advanced, 1,358 declined, and 82 remained unchanged.

Broader markets, however, defied the weak sentiment, with the Nifty Midcap 100 and the Nifty Smallcap 100 indices rising up to 0.3 percent on April 4 noon.

Feroze Azeez, deputy CEO of Anand Rathi Wealth, said that this rally in broader indices were supported by foreign institutional investor (FII) flows. "We recommend around 80 percent exposure to equities in portfolio via the mutual fund platform," he said.