Nifty, Sensex Extend Gain Led By HDFC Bank, Tata Motors: Midday Market Update

India's benchmark stock indices extended gains through midday on Tuesday, led by a rally in heavyweights HDFC Bank Ltd. and Tata Motors Ltd.

At 12:26 p.m., the NSE Nifty 50 was 106.05 points or 0.45% higher at 24,945.30, and the S&P BSE Sensex gained 355.49 points or 0.45% to trade at 81.719.

The Nifty hit an intraday high of 24,956.70, and the S&P BSE Sensex touched the day's high of 81.733.37.

The elevated valuations continue to be a concern, particularly in the broader market, said VK Vijayakumar, chief investment strategist at Geojit Financial Services. "A healthy trend in the market now is that high-quality stocks with good earnings visibility are gaining strength on buying by institutions."

"Sustained capital flows into mutual funds and retail investor enthusiasm will keep the market resilient," he said.

HDFC Bank Ltd., Tata Motors Ltd., NTPC Ltd. and ICICI Bank Ltd. were contributing to the Nifty 50.

ITC Ltd., UltraTech Cement Ltd., Infosys Ltd., Tata Consultancy Services Ltd. were weighing on the index.

Seven out of the 12 sectors on the NSE were trading higher, with the Nifty Energy and Oil and Gas advancing the most. The Nifty FMCG fell the most.

The broader indices were also trading higher with the BSE MidCap rising 0.40% and the SmallCap gaining 0.80% through midday on Tuesday.

Seventeen out of the 20 sectoral indices on the BSE advanced, with Consumer Discretionary rising the most.

The market breadth was skewed in the favour of the buyers as 2,324 stocks rose, 1,462 declined and 133 remained unchanged on the BSE.

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