Nifty, Sensex Trade Near Day's Highs Led By HDFC, Reliance Industries: Midday Market Update

India's benchmark stock indices traded near intraday high through midday on Tuesday led by gains in heavyweights HDFC Bank Ltd., Reliance Industries Ltd., and ICICI Bank Ltd.

At 1:30 p.m., the NSE Nifty 50 was trading 0.55%, or 135 points, higher at 24,708, and the BSE Sensex was trading 433.3 points, or 0.5%, higher at 80,840.

"On the higher side, Nifty will see resistance around 24,800-24,850 followed by the round number of 25,000 levels," said Vikas Jain, head of Research at Reliance Securities.

"RSI has crossed the average line and is moving upwards with positive momentum, and other key technical indicators are also positive," he said.

Shares of HDFC Bank Ltd., Reliance Industries Ltd., and ICICI Bank Ltd. contributed the most to the gains in the Nifty 50.

While those of Bharti Airtel Ltd. and ITC Ltd. weighed on the index.

On NSE, nine sectors advanced and three declined. The NSE Nifty Finance and NSE PSU Banks rose the most, while the NSE Nifty Media fell the most.

The broader indices were trading in the green, with the BSE Midcap and Smallcap gaining 0.55% and 0.25%, respectively, through midday on Tuesday.

On the BSE, 17 sectoral indices were trading in the green, led by BSE Financial Services and BSE Bankex. Three were trading lower led by BSE Fast Moving Consumer Goods.

The market breadth was skewed in the favour of the buyers. Around 2,226 stocks advanced, 1,578 declined, and 125 remained unchanged on the BSE.