Sensex, Nifty Trade Higher As ICICI Bank, RIL Lead Gains: Midday Market Update
At 11:54 a.m., the NSE Nifty 50 rose 0.54% and the Sensex gained 0.63% led by banking stocks.
India's benchmark stock indices were trading higher through midday on Tuesday as banking stocks recovered and index heavyweight Reliance Industries Ltd. gained over 1%.
At 11:54 a.m., the NSE Nifty 50 rose 116.55 points or 0.54% to 21,732.60, while the S&P BSE Sensex gained 449.41 points or 0.63% to 71,521.90.
As for Nifty, the short-term trend is negative, indicating a potential "sell on rise" strategy, as long as the index remains below the 21,850 mark. Support is seen at 21,500 on the downside, according to Shrey Jain, founder and chief executive officer of SAS Online.
Shares of Axis Bank Ltd., Coal India Ltd., HDFC Bank Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. were positively contributing to the Nifty.
Whereas, Grasim Industries Ltd., Hindalco Industries Ltd., HCLTechnologies Ltd., Infosys Ltd. and ITC Ltd. were weighing on the index.
Most sectoral indices traded higher, with Nifty Financial Services gaining over 1%. While, Nifty Metal, Nifty Realty, Nifty Media, and Nifty IT fell.
The broader markets were mixed, with the BSE MidCap rising 0.20% and the BSE SmallCap fall 0.43% through midday on Tuesday.
Twelve of the 20 sectors compiled by BSE Ltd. advanced, while eight declined. S&P BSE Commodities fell the most.
Market breadth was skewed in the favour of the sellers. Around 2,145 stocks fell, 1,537 stocks rose, and 127 remained unchanged on BSE.
