India's benchmark equity indices extended gains through midday on Monday, awaiting second-quarter results from Reliance Industries Ltd. and HCL Technologies Ltd. later in the day.
At 12:14 p.m., the Nifty traded 0.74%, or 185.30 points, higher at 25,149.55, and the Sensex gained 0.81%, or 657.81 points, to trade at 82,039.17.
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Shares of HCLTech rose as much as 0.8% to hit a record high of Rs 1,854 apiece, while those of Reliance Industries traded little change after erasing morning gains anticipating second quarter results.
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Nifty is trading in a small range with its support at 24,900 and resistance at 25,150, according to Soni Patnaik, equity derivatives analyst at JM Financial.
"A breach on either side can help determine further trend," she said while noting that true short covering will happen only above 25,300 where there are a lot of call writers.
She said that it is also imperative to understand that FIIs have reduced long positions and are increasing net shorts; therefore, the possibility of any rise towards resistance may see a selloff until the 25,300 level is not getting crossed.
Shares of Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., and Bharti Airtel Ltd. contributed the most to the gains in Nifty. While those of Nestle India Ltd., Maruti Suzuki Ltd., Bajaj Finance Ltd., Axis Bank Ltd., and Tata Steel Ltd. weighed on the index.
Most sectoral indices were trading higher led by Nifty Realty and Nifty Bank.
Market breadth was skewed in favour of the buyers. As many as 2,081 stocks rose, 1,811 fell, and 164 remained unchanged on the BSE.
Broader indices underperformed, with BSE Midcap trading 0.1% lower and BSE Smallcap trading flat during midday trade on Monday.
Five out of the 20 sectoral indices on the BSE declined while 15 rose. BSE Realty rose the most.
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