Nifty, Sensex Snap Five-Day Losing Streak Led By Infosys, Airtel, TCS: Midday Market Update
As of 12:18 p.m., the NSE Nifty 50 was 239.80 points or 0.98% higher at 24,645.90, and the S&P BSE Sensex was 667.70 points or 0.83% higher at 80,707.50.
Indian benchmarks continued to trade higher through midday on Friday after it snapped five-day losing streak at the open as Infosys Ltd., Bharti Airtel Ltd. and Tata Consultancy Services Ltd. lead.
As of 12:18 p.m., the NSE Nifty 50 was 239.80 points or 0.98% higher at 24,645.90, and the S&P BSE Sensex was 667.70 points or 0.83% higher at 80,707.50.
Intraday, the Nifty 50 rose 1.03% to 24,656.85, and the S&P BSE Sensex rose 0.88% to 80,744.77.
On Thursday, it was a good recovery on roll-over front. The NSE Nifty 50 roll-over was at 70%, which is actually in line with three-month average, said Soni Patnaik, assistance vice president, JM Financial. "The index held on to support of 24,300-24,350 without breaking. Going forward, the index may remain in the range."
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Infosys Ltd., Bharti Airtel Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., and Kotak Mahindra Bank Ltd. were contributing to the Nifty 50.
HDFC Bank Ltd., Axis Bank Ltd., Oil and Natural Gas Corp, Nestle India Ltd., Tata Consumer Products Ltd. were weighing on the index.
All sectoral indices gained on Friday with the NSE Nifty Metal leading the gains. The NSE Nifty Bank were trading with the least gains as sentiment dropped for banks' stocks after the Reserve Bank of India proposed new liquidity rules to prevent bank runs.
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Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap were trading 1.76% and 1.15% higher, respectively.
All sectors were trading in green on BSE, with the S&P BSE Metal rising the most.
Market breadth was skewed in favour of buyers. Around 2,705 stocks rose, 1,066 stocks declined, and 120 stocks remained unchanged on BSE.
