Sensex, Nifty Hits Fresh Record High Led By Gains In RIL, HDFC Twins: Midday Market Update
As of 12:29 p.m., the Sensex gained 441 points, or 0.68%, to 65,159.47, while the Nifty 50 rose 116 points, or 0.60%, to 19,304.55
India's benchmark stock indices held steady gains after hitting a fresh record on Monday, led by gains in energy and public sector banks while information technology and pharma were under pressure.
The Sensex jumped 0.81% to a record high of 65,240.57 points, while the Nifty 50 rose 0.77% to 19,336.10 points. Nifty Bank breached the 45,000-mark to hit an intraday high of 45,353.20 points.
A rally in global equities continued on Monday in Asia on positive momentum from Wall Street and signs of moderating U.S. inflation.
Equities in Shanghai rose more than 1%, while Hong Kong-listed technology companies jumped around 3%. Shares of Asian electric-vehicle makers and related suppliers also climbed, benefiting from Tesla Inc. and BYD Co. setting sales records in the second quarter. The gains in Chinese stocks contrast with the 6% drop in MSCI Inc.’s China Index in the first half.
Japan’s Topix was on course for another gain that has the index repeatedly reaching highs last seen in mid 1990, amid improved confidence among big manufacturers. Euro Stoxx 50 contracts rose, while futures in the S&P 500 were flat and those for the Nasdaq 100 edged up.
As of 12:29 p.m., the S&P BSE Sensex gained 441 points, or 0.68%, to 65,159.47, while the NSE Nifty 50 rose 116 points, or 0.60%, to 19,304.55.
HDFC Ltd., HDFC Bank Ltd., ITC Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. were positively contributiong to change in the Nifty 50.
While, Axis Bank Ltd., Hindustan Unilever Ltd., Infosys Ltd., Larsen & Toubro Ltd. and TCS Ltd. weighed on the index.
The broader market indices underperformed their larger peers with the S&P BSE MidCap rising 0.30% and the S&P BSE SmallCap gaining 0.59% by midday trade on Monday.
Thirteen out of the 19 sectors compiled by BSE Ltd. advanced, with S&P BSE Energy gaining the most. Six sectors declined.
The market breadth was skewed in favour of the buyers. About 1,991 stocks rose, 1,558 declined and 168 remained unchanged on the BSE.
