Midday Market Report: Sensex retreats from day's high; Nifty at 23,025

Indian equities witnessed heightened volatility connected January 22 arsenic the benchmark indices shed aboriginal gains. The Sensex slipped implicit 300 points from the day’s high, portion the Nifty hovered beneath 23,050 amid a crisp sell-off successful midcap and smallcap stocks.

At noon, the Sensex was up 109.33 points oregon 0.14 per cent astatine 75,947.69, and the Nifty was astir flat, adding 2.15 points to 23,026.80. The broader markets underperformed sharply, with midcap and smallcap indices tumbling by 1.9 per cent and 2.2 per cent, respectively.

PSU Banks, Realty, and Metal stocks measurement connected sentiment

The marketplace breadth remained weak, with 12 retired of 13 Nifty sectoral indices closing successful the red. Nifty Realty faced the steepest decline, losing 4 per cent for the 2nd consecutive session. Nifty PSU Bank and Metal indices besides slid implicit 1 per cent each, driven by losses successful SBI, Canara Bank, and JSW Steel.

On the different hand, IT stocks emerged arsenic a agleam spot. Nifty IT gained traction, supported by robust Q3 net and insulation from planetary commercialized risks. Infosys, TCS, Tech Mahindra, and Wipro led the battalion of gainers.

Midcap and smallcap indices underperform

The broader markets faced important pressure, with valuations supra humanities averages acting arsenic a deterrent. Analysts highlighted that midcap and smallcap indices failed to surpass their 20-day exponential moving average, encountering absorption and caller selling pressure.

Key banal movers: Jana Small Finance Bank surges; ICICI Prudential plunges

Shares of Jana Small Finance Bank soared 20 per cent pursuing optimistic absorption commentary connected the Q3 results. Meanwhile, ICICI Prudential fell implicit 9 percent aft reporting lower-than-expected VNB margins contempt a beardown nett net maturation of 43 per cent year-on-year.

Technical outlook: Elevated volatility expected

"Support astir 22,900 appears fragile, and immoderate breach could propulsion the Nifty to the 22,800-22,700 range," said Sameet Chawan, Head of Technical Research astatine Angel One. Resistance levels person shifted lower, with contiguous hurdles astatine 23,200 and 23,400.

Investors are advised to follow caution, focusing connected stock-specific strategies amidst the ongoing volatility.