Sensex, Nifty Continue Record Run In Second Session; IT Stocks Lead: Midday Market Update

Indian benchmark indices continued their record rally for the second consecutive session on Friday, with the Sensex jumping by as much as 500 points and Nifty rising around 170 points, intraday.

The Nifty 50 hit another record high at 21,355.65, and the Sensex marked 71,084.08 as its lifetime high.

As of 11:45 a.m., the S&P BSE Sensex rose 462.86 points, or 0.66% at 70,977.06, while the NSE Nifty 50 was up 143.70 points or 0.68% at 21,326.40.

Shares of information technology companies tracked their global peers and led gains.

"Fueled by positive global market sentiments, following the Fed indication of a rate cut, the market is poised to sustain its upward trajectory today," said Shrey Jain, founder and chief executive officer of SAS Online.

Hindalco Industries Ltd., HCL Technologies Ltd., Infosys Ltd., Tech Mahindra Ltd., and Tata Consultancy Services Ltd. were positively contributing to changes in the Nifty.

While, Axis Bank Ltd., Bharti Airtel Ltd., HDFC Life Insurance Co., ITC Ltd. and Kotak Mahindra Bank Ltd. were negatively contributing to the change.

Most sectoral indices rose on the NSE, with Nifty IT jumping by more than 4%, followed by Nifty Metal, which rose 1.75%.

Five sectoral indices fell, including Nifty FMCG, Financial Services, Realty, PSU Bank, and Bank.

The broader markets were mixed; the BSE MidCap was flat, while the BSE SmallCap was 0.72% higher.

Sixteen of the 20 sectors compiled by BSE advanced, while four declined.

The market breadth was skewed in the favour of buyers. About 2,028 stocks advanced, 1,585 declined, and 151 were unchanged.