Nifty, Sensex On Course To Post Six-Day Rally With Banks In Lead: Midday Market Update

India's benchmark stock indices extended gains through midday on Thursday, led by banking heavyweights, tracking positive global cues ahead of US Fed Chair Jerome Powell's speech in Jackson Hole that may bring clarity on September rate action.

At 12:25 p.m., the NSE Nifty 50 was trading 0.25%, or 64 points, higher at 24,834, while the BSE Sensex was up 215 points, or 0.27%, at 81,120.

The Nifty is finding support in the 24,650–24,600 range as it approaches the target of 24,950, said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.

The firm opening on Wednesday, followed by reclaiming 24,670 in the first hour today, signalled that Nifty is not in a mood to give into the bearish expectations that were floating for the last two days, said Anand James, chief market strategist at Geojit Financial Services.

Shares of Bharti Airtel Ltd., ICICI Bank Ltd., and HDFC Bank Ltd. contributed the most to the gains in the Nifty 50. While those of Reliance Industries Ltd. and Mahindra & Mahindra Ltd. weighed on the index.

On NSE, nine sectors advanced and three declined. The Nifty PSU Bank and Nifty Bank rose the most, while the Nifty Energy fell the most.

The broader indices were trading in the green, with the BSE Midcap and Smallcap gaining 0.62% and 0.61%, respectively, through midday on Thursday.

On the BSE, 17 sectoral indices were trading in the green, led by BSE Telecommunication and BSE Commodities. Three were trading lower led by BSE Utilities and BSE Power.

The market breadth was skewed in the favour of the buyers. Around 2,521 stocks advanced, 1,273 declined, and 126 remained unchanged on the BSE.

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