Nifty 50 Inches Closer To 22,500, Sensex Above 74,000: Midday Market Update
At 12:03 p.m., the Nifty gained 0.69% and the Sensex advanced 0.59%.
India's benchmark stock indices are set to end at a fresh record closing high on Monday, the first day of fiscal 2025.
At 12:03 p.m., the Nifty traded 154.00 points, or 0.69%, higher at 22,480.90, and the Sensex gained 432.02 points, or 0.59%, to trade at 74,083.37.
During early trade, both the indices, Nifty and Sensex, hit fresh record highs of 22,529.95 and 74,254.62, respectively.
Nifty 50 will take some time to take out its all-time high level with conviction and is expected to trade in the 22,000–22,500 range till this week's F&O expiry, said Milan Vaishnav, technical analyst and founder of ChartWizard and Gemstone Equity Research and Advisory Services.
However, he does not see any major downside.
Shares of HDFC Bank Ltd., Larsen & Toubro Ltd., Tata Steel Ltd., JSW Steel Ltd., and Axis Bank Ltd. were contributing the most to Nifty 50.
Meanwhile, those of Nestle India Ltd., ITC Ltd., Mahindra & Mahindra Ltd., Titan Company Ltd., and Bharti Airtel Ltd. were weighing on the index.
All sectoral indices were higher with Nifty Realty jumping over 4%, followed by Nifty Media and Nifty Metal gaining nearly 3%.
Broader markets outperformed their major peers, with the S&P BSE Midcap trading 1.41% higher and the S&P BSE Smallcap gaining 2.39% through midday on Monday.
On BSE with the exception of S&P BSE Consumer Durables index rest of the 19 sectoral indices advanced.
Market breadth was skewed in favour of the buyers. Around 3,087 stocks advanced, around 651 stocks declined, and 149 remained unchanged on BSE.
