Nifty Hits New Record As SBI, NTPC, ITC Lead Gains: Midday Market Update

The benchmark equity indices traded near their day's highs through midday on Monday, with the NSE Nifty 50 reaching an all-time high as market participants look forward to the quarterly results of heavyweights and the Union budget.

At 11:38 a.m., the Nifty was trading at 24,587.65, up 0.35% or 85.50 points, while the Sensex was at 80,725.16, up 0.26% or 205.82 points.

During the day, the Nifty jumped 0.45% to an all-time high of 24,611.85. The Sensex jumped 0.37% to an intraday high of 80,813.69.

The Nifty has outperformed Bank Nifty as it has got support from the IT space, according to Amar Deo Singh, senior vice president of equity, commodity and currency at AngelOne. "Any correction in Nifty is a buying opportunity," he said, pointing out that the key levels to watch out for at 24,000–24,400.

The Bank Nifty is displaying divergent trends and is expected to see consolidation. Any pullback to 51,700 and 51,800 is a buying opportunity, he said.

Shares of State Bank of India, Infosys Ltd., ITC Ltd., NTPC Ltd. and Oil & Natural Gas Corp. contributed the most to the gains in the Nifty.

Reliance Industries Ltd., Grasim Industries Ltd., HDFC Bank Ltd., Asian Paints Ltd. and Tata Steel Ltd. weighed down on the index.

All sectoral indices on the NSE were trading higher, with the Nifty Pharma. PSU Bank and Oil & Gas leading.

The broader indices also rose as the BSE MidCap was trading 0.60% higher and the SmallCap rose 0.27%.

Eighteen out of the 20 sectoral indices on the BSE advanced, except Industrials and Capital Goods.

The market breadth was skewed in the favour of the buyers as 1,986 stocks rose, 1,845 fell and 164 remained unchanged on the BSE.