Sensex, Nifty Trade Near Life Highs As ICICI Bank Leads Rally: Midday Market Update
Infosys, Tata Steel, Axis Bank and Hindalco Industries also contributed the most to the gains in the Nifty.
The benchmark equity indices continued their record run for the second consecutive session on Tuesday and traded near lifetime highs through the midday as ICICI Bank Ltd. contributed the most to the gains. As of 12:55 p.m., the NSE Nifty 50 was trading 28.30 points or 0.1% higher at 22,694.40 and the S&P BSE Sensex was trading 130.52 points or 0.2% up at 74,873.02.
During the day, the Nifty rose as much as 0.45% to an all-time high of 22,768.40 points and the Sensex jumped 0.51% to 75,124.28.
It is a buy-on-dip market, according to Amit Goel, founder of Amit Ventures. He advises investors to be cautious with every new lifetime high. His view on Nifty continues to remain bullish.
Accumulate at current levels and look for a potential breakout of close to 23,000 with the support for the index at 22,300–22,500, according to Goel.
Shares of ICICI Bank Ltd., Infosys Ltd., Tata Steel Ltd., Axis Bank Ltd. and Hindalco Industries Ltd. contributed the most to the gains in the Nifty 50
Asian Paints Ltd., Titan Co., NTPC Ltd., Coal India Ltd. and Reliance Industries Ltd. minimised the gains the most.
Sectoral indices on the NSE were mixed, with the Nifty Metal gaining the most by over 2%.
The broader markets were also mixed as the BSE MidCap was 0.12% higher and the SmallCap rose 0.36%.
On the BSE, 15 sectors advanced and five declined, with Metal rising the most.
The market breadth was skewed in favour of the buyers as 1,959 stocks advanced, 1,665 declined and 144 remained unchanged on the BSE.
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