India's benchmark stock indices were trading higher through midday on Tuesday, led by gains in index heavyweights HDFC Bank Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd.
As of 12:49 p.m., the NSE Nifty 50 was trading 34.25 points, or 0.15%, higher at 22,366.90, and the S&P BSE Sensex gained 236.95 points, or 0.32%, to 73,739.59.
The Nifty rose 0.54% to hit an intraday high of 22,452.55, and the Sensex rose 0.68% to touch a high of 74,004.16 so far today.
"Despite the market reaching all-time highs, sentiments appear to be somewhat subdued. It may be advisable to focus on trading only in high-quality stocks under such circumstances," said Shrey Jain, founder and chief executive officer of SAS Online.
"Yesterday, profit-taking in the Nifty was driven by selling pressure in banking stocks and Reliance," he said. "Regarding options activity, the 22,500 call strike stands out with substantial open interest of around 81 lakh shares, expected to present a significant resistance level initially. Additionally, the 22,300 and 22,400 put strikes also show significant OI, totaling approximately 32 lakh shares."
On the downside, the immediate support level for Nifty 50 is anticipated at around 22,200, Jain said.
Shares of HDFC Bank Ltd., Infosys Ltd., Maruti Suzuki India Ltd., Reliance Industries Ltd. and Tata Consultancy Services Ltd. were positively contributing to the Nifty.
While, Axis Bank Ltd., Cipla Ltd., ITC Ltd., ICICI Bank Ltd. and State Bank of India were weighing on the index.
On NSE, 10 sectors declined with Nifty Realty emerging as the top loser. Two sectoral indices advanced, with the Nifty IT emerging as the top gainer.
Broader markets on BSE underperformed the benchmark indices. The S&P BSE Midcap fell 1.29%, and the S&P BSE Smallcap declined 2.33%.
On BSE, 18 of the 20 sectors declined and only one advanced. The S&P BSE Realty slumped over 3% to become the worst performer among sectoral indices. The S&P BSE Teck was the top gainer among sectoral indices.
Market breadth was skewed in the favour of sellers. Around 3,202 stocks declined, 583 stocks rose, and 103 remained unchanged on BSE.
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