Nifty, Sensex Trade Marginally Higher As ITC, Tech Mahindra, ICICI Bank Lead: Midday Market Update
Axis Bank, Dr Reddy's Laboratories, Bharti Airtel, Hindalco Industries and Hindustan Unilever were weighing on the indices.
The benchmark indices gave up its gains from early trade on Monday morning and were trading marginally higher during midday.
The S&P BSE Sensex crossed 70,000 mark for the first time shortly after opening, while the NSE Nifty 50 reclaimed 21,000 mark before it slipped below.
As of 11:49 a.m., the Sensex was trading 80 points or 0.11% higher at 69,911.32, while the Nifty was 21.05 points or 0.1% up at 20,991.
"Nifty 50 scaled a new high at 21,006, witnessed minor pullback to fill the gap levels and again moved higher above the opening levels of the day," Vikas Jain, senior research analyst at Reliance Securities, said. "The immediate support levels will be at 20,700 being the double bottoms after a sharp breakout on the first trading day of the previous week followed by 20,500 levels."
"On the higher side, the next band of resistance would be in the range of 21,300–21,500 levels being the weekly pivot resistance," Jain said.
ITC Ltd., Tech Mahindra Ltd., ICICI Bank Ltd., Adani Enterprises Ltd. and UltraTech Cement Ltd. were leading the gains.
Axis Bank Ltd., Dr Reddy's Laboratories Ltd., Bharti Airtel Ltd., Hindalco Industries Ltd. and Hindustan Unilever Ltd. were weighing on the indices.
Eleven out of the 12 sectors advanced, with the Nifty FMCG gaining the most among sectoral indices. Pharma is the only sector to decline.
The broader market outperformed, with the BSE Sensex MidCap gaining 0.59% and SmallCap rising 0.64%.
Nineteen out of the 20 sectors compiled by the BSE advanced, with Services and Commodity rising the most.
The market breadth was skewed in the favour of the buyers. As many as 2,333 stocks advanced, 1,341 declined and 185 remained unchanged on the BSE.