Nifty, Sensex Trade Higher As M&M, HDFC Bank, ITC Lead Gains: Midday Market Update
As of 12:38 p.m., the NSE Nifty 50 was 0.34% higher at 22,481.00, and the S&P BSE Sensex was 0.42% up at 73,969.55
India's benchmark stock indices recovered from early losses to trade higher through midday on Friday, tracking gains in shares of Mahindra & Mahindra Ltd., HDFC Bank Ltd. and ITC Ltd.
As of 12:38 p.m., the NSE Nifty 50 was 77.15 points, or 0.34% higher at 22,481.00, and the S&P BSE Sensex was 305.83 points, or 0.42% up at 73,969.55.
In the morning trade, Nifty fell 0.29% to 22,345.65, and Sensex declined 0.28% to 73,459.80.
Election results could turn out to be a non-event as well, though there's build up as we approach the day, said Aditya Agarwala, head of research and investment at Invest4edu Pvt. India VIX may approach level of 30-34, which has been the case in every election year from 2004 onwards. Then, it reverts back from the levels, he noted.
Within this time frame, Nifty could see a bit of profit taking as well. Overall, markets are not expected to correct significantly. Looking at the option data, 22,000-21,800 should act as immediate support for markets. If these levels breaks, markets are in for a very good profit taking, Agarwala said.
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Shares of Mahindra & Mahindra Ltd., HDFC Bank Ltd., ITC Ltd., State Bank of India, and Kotak Mahindra Bank Ltd. were positively contributing to changes in the Nifty.
While those of Tata Consultancy Services Ltd., Infosys Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., and Larsen & Toubro Ltd. negatively contributed to the change.
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On NSE, 10 sectors were trading in positive and two declined. The NSE Nifty Realty was the best performing sector with 1.73% gain. On the other side, the NSE Nifty IT turned out to be the top loser.
Earlier in the day, NSE Nifty Auto and NSE Nifty Metal touched the highest level since inception. NSE Nifty Realty rose to an over 13-year high.
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On BSE, 18 out of 20 sectors advanced, and two declined. The S&P BSE Consumer Durables was the top performing sector, and S&P BSE TECK was the worse performer.
Market breadth was skewed in the favour of buyers. Around 2,393 stocks advanced, 1,224 stocks declined, and 161 stocks remained unchanged on BSE.
