India's benchmark stock indices extended gains through midday on Tuesday as gains in information technology, metals, and energy stocks outpaced the losses in pharma and telecommunication stocks.
The Sensex was trading above 61,400, the highest level since Feb. 16, while the Nifty 50 rose above the 18,100 level, the most since Jan. 24, following a slew of upbeat earnings.
Asian stocks fluctuated as traders assessed China data and weighed risk before a Federal Reserve meeting this week. U.S. stock futures were little changed, while those for Europe gained. MSCI Inc.'s Asia Pacific Index of shares swung between gains and losses in choppy trading. China saw a surprise contraction in manufacturing despite upbeat holiday spending data. Chinese markets are closed on Tuesday and will reopen on Thursday after a five-day holiday.
As of 12:04 p.m., the S&P BSE Sensex gained 305 points, or 0.50%, to 61,417.36, while the NSE Nifty 50 rose 93 points, or 0.51%, to 18,157.80.
Reliance Industries Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., JSW Steel Ltd., and Axis Bank Ltd. were among the top gainers in the Nifty 50.
UltraTech Cement Ltd., Bajaj Finance Ltd., Sun Pharmaceutical Industries Ltd., Bharti Airtel Ltd., and Kotak Mahindra Bank Ltd. weighed on the index.
Adani Group companies traded mixed, with NDTV Ltd., Ambuja Cements Ltd., Adani Ports and Special Economic Zone Ltd., ACC Ltd., and Adani Enterprises Ltd. falling while all the other group stocks advanced by midday trade on Tuesday.
The broader market indices were trading higher and outperforming their larger peers, with the S&P BSE MidCap gaining 0.84% and the S&P BSE SmallCap advancing 0.88% through the midday session.
Out of the nineteen sectors compiled by BSE, 18 advanced, while only S&P BSE Telecommunication declined in trade.
The market breadth was skewed in favour of the buyers. About 2,158 stocks rose, 1,291 declined, and 181 remained unchanged on the BSE.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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