Sensex, Nifty Trade Higher As ICICI Bank, Bharti Airtel, L&T Lead: Midday Market Update
As of 12:12 p.m. Sensex was 535.28 points, or 0.75% higher at 71,722.14, while Nifty was 183.85 points, or 0.86% higher at 21,646.10.
India's benchmark stock indices were trading higher through midday during the special trading session on Saturday, as shares of ICICI Bank Ltd., Bharti Airtel Ltd., and Larsen & Toubro Ltd. gained.
As of 12:12 p.m. the S&P BSE Sensex was 535.28 points, or 0.75% higher at 71,722.14, while the NSE Nifty 50 was 183.85 points, or 0.86% higher at 21,646.10.
Intraday, the Sensex rose to 72,026.26, while the Nifty 50 touched a high of 21,720.30.
"The Indian stock market witnessed a commendable recovery driven by positive global sentiments yesterday. This optimistic trend has extended into today as well," said Shrey Jain, founder and chief executive officer of SAS Online.
Following a gap-up opening, it is expected that the Nifty will consolidate around its current levels. Even with possible short-term ups and downs, the larger trend indicates that it's a good idea to sell when prices are going up, Jain said.
Bharti Airtel Ltd., ICICI Bank Ltd., ITC Ltd., Larsen & Toubro Ltd. and NTPC Ltd. were positively contributing to changes in the Nifty.
Adani Enterprises Ltd., Hindustan Unilever Ltd., HDFC Bank Ltd., IndusInd Bank Ltd. and Nestle India Ltd. weighed on the index.
Five of the 12 sectors compiled by the NSE declined and seven advanced.
The Nifty media rose 1.48% to become the top gainer, while Nifty FMCG fell 0.70%, becoming the top loser.
Broader markets outperformed benchmark indices; the S&P BSE Midcap gained 0.59% and the S&P BSE Smallcap rose 0.64%.
Fifteen of the 20 sectors compiled by the BSE advanced, while five declined. S&P BSE Utilities rose the most.
The market breadth was skewed in favour of buyers. Around 2,138 stocks rose, 1,520 stocks declined, and 142 remained unchanged on BSE.
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