Nifty, Sensex Extend Gains Led By Infosys, Airtel: Midday Market Update
The benchmark indices extended gains through midday on Tuesday, tracking similar movements in Asian stocks, led by gains in Infosys Ltd., Bharti Airtel Ltd., and Axis Bank Ltd.
The 50-stock NSE Nifty was trading 0.34% higher at 25,021, and the 30-stock Sensex was up 0.37% at 81,861, as of 12:06 p.m.
There are some significant recent trends in the market: one, there is weakness in the mid and small-cap segments; two, the banking segment, which has been a consistent underperformer, is exhibiting resilience and is moving up; three, defensives like pharmaceuticals and FMCG are slowly gaining, and there are signs of accumulation in these segments, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services.
The buy-on-dips strategy continues to work in this market, and, therefore, investors may stay with the dominant trends in the market, he said.
Asian stocks recovered from Monday's losses to trade higher ahead of the US inflation print, which could provide cues to the size of September rate cuts. The benchmark indices in Indonesia and Australia led gains, while that of China lagged. The rebound in the region comes after a sell-off triggered by economic concerns over whether the Federal Reserve may have waited too long to cut interest rates.
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Shares of Infosys Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and Tata Consultancy Services Ltd. were contributing to the gain to the Nifty 50.
While those of Bajaj Finance Ltd., HDFC Life Insurance Co. Ltd., Bajaj Finserv Ltd., and Shriram Finance Ltd. were weighing on the index.
On NSE, almost all sectors advanced, with Nifty Media and IT rising the most during the session. The Nifty Finance was running alone in the red.
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The broader markets overperformed the benchmark indices with the BSE Midcap and Smallcap trading 0.50% and 1.16% higher, respectively, through midday on Tuesday.
On BSE, 17 of the 20 sectors advanced, with BSE Telecommunication leading the gain. BSE Metal led the falling sectors.
Market breadth was skewed in favour of the sellers. Around 2,598 stocks rose, 1,166 stocks declined, and 123 stocks remained unchanged on the BSE.
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