Nifty Breaches 20,000, Sensex above 66,600 As Axis Bank, HDFC Bank Lead: Midday Market Update
As of 12.40 p.m., the Sensex was 492 points or 0.74% higher at 66,666.64, while the Nifty gained 148 points or 0.75% to 20,038.10.
Indian benchmark indices extended gains through midday on Wednesday, with the Nifty breaching the psychological 20,000 mark for the first time since Sept. 18.
As of 12.40 p.m., the S&P BSE Sensex was 492 points or 0.74% higher at 66,666.64, while the NSE Nifty gained 148 points or 0.75% to 20,038.10.
Nifty IT, auto and oil & gas rose the most, while media and realty declined the most among the sectorial indices.
"We continue to remain positive till 19,580 is not breached on the downside, which is the band of averages on the daily charts," Vikas Jain, senior research analyst at Reliance Securities, said.
"RSI is moving higher from the lower range and trending above the average line and there could be some bout of volatility with respect to the rollover movement," Jain said.
HDFC Bank Ltd., Axis Bank Ltd., Infosys Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. were positively contributing to the Nifty.
Nestle India Ltd., Coal India Ltd., NTPC Ltd., Titan Co. and Oil & Natural Gas Corp. were weighing on the index.
The broader markets underperformed their larger peers, with the BSE Midcap rising 0.71% and the Smallcap gaining 0.35% through midday on Wednesday.
Nineteen out of the 20 sectors compiled by BSE Ltd. advanced, while Realty declined. Utilities and Oil & Gas rose the most.
The market breadth was skewed in favour of the buyers. About 1,995 stocks rose, 1,601 declined, and 137 remained unchanged on the BSE.
