India's benchmark stock indices were trading higher through midday on Monday, led by gains in ICICI Bank Ltd., Reliance Industries Ltd., and HDFC Bank Ltd. The increase in banking stocks supported benchmark indices.
As of 12:04 p.m., the NSE Nifty 50 was 139.30 points, or 0.62%, higher at 22,559.25, and the S&P BSE Sensex gained 653.07 points, or 0.89%, to trade at 74,383.23. The Nifty has risen 0.65% to hit an intraday high of 22,557.30, and the Sensex gained 0.90% to touch a high of 74,390.20 so far on Monday.
Asian markets were mostly higher in cautious trade this morning ahead of the highly anticipated Federal Reserve's policy meeting scheduled this week, said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"The Indian market opened on a positive note, following firm cues from global markets. The momentum breadth remained positive on subdued market breadth volume, indicating lower accumulation than in the previous upswings," Bagkar said. "Technically, the price action (on Nifty) has an immediate support zone from 22,300-22,230, and sustenance above this zone will allow the index to continue to attract bullish momentum."
Shares of ICICI Bank Ltd., Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Kotak Mahindra Bank Ltd. positively contributed to changes in the Nifty.
While those of HCL Technologies Ltd., Apollo Hospital Enterprise Ltd., ITC Ltd., Bajaj Auto Ltd., and HDFC Life Insurance Co. weighed on the index.
On NSE, eight sectors advanced and four declined. The NSE Nifty Bank was the top gainer, and the NSE Nifty Realty was the worst performer.
Broader markets rose on BSE. The S&P BSE Midcap rose 0.43%, and the S&P BSE Smallcap gained 0.16%.
On BSE, 16 sectors advanced and four declined. The S&P BSE Bankex rose the most among sectoral indices, while the S&P BSE Realty sector fell the most.
Market breadth was skewed in the favour of the buyers. Around 2,090 stocks rose, 1,613 stocks declined, and 207 stocks remained unchanged on BSE.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.