Nifty Hits Fresh Record Led By Maruti Suzuki, ITC; Sensex Above 80,200: Midday Market Update

India's benchmark stock indices extended their opening gains through midday on Tuesday, with the Nifty 50 hitting a fresh record high led by gains in Maruti Suzuki India Ltd. and ITC Ltd.

At 12:01 p.m., the NSE Nifty 50 traded at 24,390.65, up 0.29% or 70.10 points after hitting record high of 24,404.00. The S&P BSE Sensex gained 0.36% or 287.38 points to trade at 80247.81.

"Nifty has witnessed some consolidation near the 24,300 zone, halting the rally, and with bias maintained positive, the index can carry on with the positive move further ahead once a decisive breach above the 24,400 level is confirmed," said Prabhudas Lilladher in a report.

Shares of Maruti Suzuki India Ltd., ITC Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., and State Bank Of India were contributing the most to the Nifty.

While those of Reliance Industries Ltd., Kotak Mahindra Bank Ltd., Oil & Natural Gas Ltd., UltraTech Cement Ltd., and Dr Reddy's Laboratories Ltd., were weighing on the index.

Most sectoral indices traded higher with Nifty PSU Bank being the top gainer.

Broader indices underperformed their larger peers, with the S&P BSE Midcap and Smallcap rising 0.23% and 0.14%, respectively, through midday on Tuesday.

Five out of 20 sectoral indices on the BSE declined and 15 rose. BSE Auto rose the most.

The market breadth was skewed in the favour of buyers. Around 1,982 stocks on the BSE rose, 1,799 declined, and 123 remained unchanged.