Sensex slips 22 points, Nifty rises for 2nd day: 5 reasons why market ended mixed today

The equity benchmark indices ended mixed on Thursday (September 17), with the Nifty rising 53 points to 23,271 for its second straight day, while the Sensex fell 22 points to 74,315.

The Nifty Bank declined 237 points, or over 0.4%, to 56,056, while the Midcap index rose 558 points to 61,432. Here are 5 reasons why the market ended mixed today:

1. Midcaps outperform, market breadth remains positive

Midcap stocks outperformed the benchmark indices, keeping the market breadth in favour of advances. The National Stock Exchange's (NSE) advance-decline ratio stood at 2:1. As many as 35 Nifty stocks closed in the green, with insurance names among the top gainers.

2. Financial stocks underperform

Financial stocks remained under pressure, with the Nifty Bank closing down over 0.4%. Federal Bank slipped 2%, while Jana Small Finance Bank rose 2% on expectations of a corporate announcement. PB Fintech fell 4%, giving up half of Wednesday's gains.

3. Tata stocks gain on Tata Sons listing prospects

Tata stocks moved higher after news of Chandra's reappointment. Tata Motors Passenger Vehicles was the top gainer among Tata stocks. Tata Chemicals and Tata Investment Corporation rose up to 7% on the prospect of a Tata Sons listing.

4. Auto, airline and semiconductor stocks rise

Most auto stocks gained ahead of festive sales, with Maruti Suzuki and TVS Motor Company rising around 2% each. Semiconductor-related stocks also surged, with Kaynes Technology, Hitachi Energy India and CG Power and Industrial Solutions gaining more than 3% each. Airline stocks advanced as crude prices came off highs, with IndiGo and GMR Airports rising 2-3%.

5. Oil stocks fall as crude prices weigh

Upstream oil companies declined, tracking crude prices. Oil and Natural Gas Corporation (ONGC) was the top Nifty loser, falling 2%. Among other notable moves, SRF gained more than 2% following a positive brokerage note, while Blue Star rose more than 3%.

From the Sensex basket, Tata Motors Passenger Vehicles Ltd, SBI Life Insurance Company Ltd, Tata Steel Ltd, Dr Reddy's Laboratories Ltd, InterGlobe Aviation Ltd and Jio Financial Services Ltd were the major gainers.

Oil and Natural Gas Corporation Ltd, Titan Company Ltd, HDFC Bank Ltd, Grasim Industries Ltd, ICICI Bank Ltd and HCL Technologies Ltd were the biggest laggards.