Nifty, Sensex Trade Higher As ITC, Bharti Airtel, NTPC Lead Gains: Midday Market Update
As of 12:17 p.m., the NSE Nifty 50 was 0.36% higher at 22,036.60, and the S&P BSE Sensex was 0.18% up at 72,533.04.
India's benchmark stock indices were trading higher through midday on Friday tracking gains in shares of ITC Ltd., Bharti Airtel Ltd., and NTPC Ltd.
As of 12:17 p.m., the NSE Nifty 50 was 79.10 points, or 0.36%, higher at 22,036.60, and the S&P BSE Sensex was 128.87 points, or 0.18%, up at 72,533.04.
Intraday, Nifty rose 0.79% to 22,131.30, and Sensex rose 0.74% to 72,946.54.
"As far as Nifty 50 is concerned, it has already witnessed correction of 852-870 points in last five to seven trading session. In that sense, Nifty 50 is a bit oversold. Considering that, it has reached the lower end of that range," said Jatin Gedia, technical research analyst, Sharekhan Ltd.
"I think the probability of short-covering rally from current levels is high. Today, at the last trading session of week, shorts might want to book their profits, which is what propels some kind of a covering in the front line index. On the upside, we are expecting 22,280-22,300. With a stop loss at 22,000, one can go long in the Nifty 50."
Shares of ITC Ltd., Bharti Airtel Ltd., NTPC Ltd., ICICI Bank Ltd., and Axis Bank Ltd. positively contributed to changes in the Nifty.
While those of Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., Kotak Mahindra Bank Ltd., and Mahindra & Mahindra Ltd., weighed on the index.
On NSE, 10 out of 12 sectors advanced, and two declined. The NSE Nifty Metal rose over 1% to become the top performing sector, and the NSE Nifty IT declined the most.
Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 0.70%, and the S&P BSE Smallcap was 0.63% higher.
On BSE, 17 out of 20 sectors advanced, and three declined. The S&P BSE Utilities was the top performing sector, and the S&P BSE IT was the worst performing sector.
Market breadth was skewed in the favour of buyers. Around 2,154 stocks advanced, 1,418 stocks declined, and 165 stocks remained unchanged on BSE.
