Sensex, Nifty Off Fresh-Record High Led By TCS, L&T, Infosys: Midday Market Update

India's benchmark indices gained through midday on Thursday after hitting a fresh record high, led by Tata Consultancy Services Ltd., Larsen & Toubro Ltd., and Infosys Ltd.

As of 11:49 a.m., the NSE Nifty 50 was trading 16.60 points, or 0.07%, higher at 22,489.55, and the S&P BSE Sensex gained 43.95 points, or 0.06%, to 74,129.95.

The Nifty touched a fresh record high of 22,523.65, and the Sensex hit a fresh lifetime high of 74,245.17 so far in the day.

"Looking ahead to today's weekly expiry, we anticipate the continuation of this positive momentum, propelling the Nifty towards the 22,750 levels," said Shrey Jain, founder and chief executive officer at SAS Online.

"Notably, the 22,600 call strike in Nifty exhibits considerable open interest of approximately 66 lakh shares, indicating strong interest at this level. Conversely, on the put side, the 22,300 strikes boast a significant OI of around 99 lakh shares, suggesting robust support," Jain said.

Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Infosys Ltd., Bajaj Auto Ltd., and Tata Steel Co. contributed to the Nifty 50.

Reliance Industries Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., Axis Bank Ltd., and ITC Ltd. weighed on the index.

On NSE, seven sectors out of 12 advanced and five declined. The Nifty Media index rose 1.91% to become the top gainer on the NSE, while the Nifty Gas & Oil index fell the most among sectoral indices.

Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.57% and the S&P BSE Smallcap gaining 0.94% through midday on Thursday.

On BSE, 16 sectors advanced, and four declined. The S&P BSE Commodities rose the most among its peers to become the top performer, and the S&P BSE Energy index fell the most among sectoral indices.

Market breadth was skewed in favour of buyers. Around 2,219 stocks rose, 1,432 stocks declined, and 122 remained unchanged on BSE.