Sensex, Nifty Hold Onto Gains As RIL, Axis Bank, Bajaj Auto Rise: Midday Market Update

India's benchmark stock indices traded higher through midday on Thursday, led by gains in index heavyweight Reliance Industries Ltd., including oil & gas and automobile stocks.

As of 12:30 p.m., the S&P BSE Sensex rose 0.17%, or 122.72 points, to 71,780.42, while the NSE Nifty 50 gained 0.22%, or 47.35 points, to 21,667.80.

The indices moved in a narrow range ahead of the release of the U.S. CPI print for December at 7:00 p.m. IST, which would give further cues to the likely rate action by the Fed.

The U.S. CPI is expected to remain unchanged at 3.2% on year in December, according to a Bloomberg survey.

The Sensex hit an intraday high of 71,999.47 while the Nifty 50 touched 21,726.50 so far on Thursday.

"The Nifty is hovering around the 21,700 mark, with the Sensex gaining 150 points today, indicating a market stuck within a range. The inconsistent behaviour of foreign institutional investors and domestic institutional investors is evident this month, as they engage in alternating bouts of buying and selling, keeping the market confined. To break out or break down from this range, the market requires significant triggers," said Shrey Jain, founder and chief executive officer, SAS Online.

The Nifty is anticipated to trade within the 21,600–21,700 range on Thursday. The index is expected to find support in the range of 21,550–21,600, with a robust buy zone identified around 21,450–21,500 levels, according to Jain.

Axis Bank Ltd., Bajaj Auto Ltd., Kotak Mahindra Bank Ltd., Reliance Industries Ltd. and Tata Consultancy Services Ltd. positively contributed to the Nifty 50.

Dr. Reddy's Laboratories Ltd., ICICI Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd. and Nestle India Ltd. weighed on the index.

All 12 sectoral indices on the NSE gained, with the Nifty Auto rising 1.37% to become the best performer. Nifty Media was the worst performer.

Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.73% and the S&P BSE Smallcap gaining 0.78% through midday on Thursda.

Of the 20 sectors complied by BSE, 16 advanced and four declined. S&P BSE Consumer Durable rose the most at 1.04%. S&P BSE Capital Goods fell the most at 0.83%.

Market breadth remained skewed in favour of buyers. Around 2,396 stocks rose, 1,319 stocks fell, and 121 remained unchanged on BSE.