Sensex, Nifty Off Day's Low As HDFC Bank, RIL Gain: Midday Market Update
As of 12:09 p.m., Nifty was 82.55 points, or 0.38% higher at 21,737.30, while Sensex was up 252.01 points, or 0.35% at 72,290.44.
Indian benchmark indices recovered from their fall through the midday on Thursday after hitting fresh lifetime highs in early trade due to gains in HDFC Bank Ltd. and Reliance Industries Ltd.
As of 12:09 p.m., the NSE Nifty 50 was 82.55 points, or 0.38% higher at 21,737.30, after hitting a lifetime high of 21,759.05 points. While, the S&P BSE Sensex was up 252.01 points, or 0.35% at 72,290.44, after hitting a record high of 72,406.75.
"Indian stocks are reaching new highs, buoyed by optimism surrounding the nation's macroeconomic fundamentals and robust global market trends," said Shrey Jain, founder and chief executive officer of SAS Online.
"Currently, Nifty is at 21,700, with Bank Nifty surpassing 48,400. Looking at the technical side, Nifty 50 is expected to stay supported between 21,575 and 21,600. Overall, market sentiments are positive, FIIs have made substantial purchases, once again, adopting a "buy on dip" strategy is advisable," he said.
Bharti Airtel Ltd., Coal India Ltd., HDFC Bank Ltd., NTPC Ltd. and Reliance Industries Ltd. were positively contributing to changes in the Nifty.
Whereas, Eicher Motors Ltd., Infosys Ltd., Larsen & Toubro Ltd., Maruti Suzuki Ltd. and UltraTech Cement Ltd. were negatively contributing to the change.
All sectoral indices gained except Nifty IT, which traded flat, and Nifty Media, which fell 0.80%.
Nifty PSE, Nifty Oil & Gas, and Nifty Energy gained more than 1%.
The broader markets rose but underperformed the benchmark indices; the S&P BSE MidCap was up 0.39% and the S&P BSE SmallCap was 0.21% higher.
Seventeen of the 20 sectors compiled by BSE advanced and three sectors declined. S&P BSE Oil & Gas rose the most.
The market breadth was split between sellers and buyers. About 1,794 stocks rose, 1,863 declined, while 155 unchanged on the BSE.
