Nifty, Sensex Near Day's High As RIL, HDFC Bank Lead: Midday Market Update

India's benchmarks indices were trading near day's high through midday tracking gains in shares of Reliance Industries Ltd. and HDFC Bank Ltd.

As of 12:47 p.m., the NSE Nifty 50 was 195.60 points, or 0.79% higher at 25,018.75, and the BSE Sensex was up 654.49 points, or 0.81% at 81,740.70.

Intraday, Nifty rose 0.89% to 25,043.80, and Sensex rose 0.91% to 81,820.23. Nifty reclaimed the 25,000 level for the first time since Aug. 1, when it posted a fresh high.

This is the eighth consecutive session in which the Nifty 50 is rising. However, last week, a gradual movement was seen in the index, said Vinay Rajani, chartered market technician, senior technical and derivative analyst, HDFC Securities Ltd. Today, there is good amount of buying in the market. The index can hit a new high. 

"If we go by data, FIIs have built up long positions on Nifty 50 futures segment, and stock futures also. The trend is suggesting, the index should remain up. The long-to-short ratio is slightly above. It's good as there is no overbought situation," he said.

Shares of Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and NTPC Ltd. positively contributed to changes in the index.

While those of ITC Ltd., Kotak Mahindra Bank Ltd., Apollo Hospitals Enterprises Ltd., UltraTech Cement Ltd., and Adani Ports & Special Economic Zones Ltd. weighed the index.

On NSE, 10 out of 12 sectors advanced, one declined, and one remained unchanged. The NSE Nifty IT rose the most among sectoral indices.

Broader markets were higher but underperformed the benchmark indices. The BSE Midcap and Smallcap indices were trading up 0.42% and 0.31%, respectively.

On BSE, 19 out of 20 sectors advanced, with the BSE Oil & Gas rising the most. BSE Services is the only sector which logged losses.

Market breadth was skewed in the favour of buyers. Around 2,251 stocks rose, 1,669 stocks declined, and 159 stocks remained unchanged on BSE.

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