Sensex, Nifty Off Highs As ICICI Bank, HCL Tech, Axis Bank Drag: Midday Market Update

Indian benchmark indices were trading off their day's high as HCL Technologies Ltd., ICICI Bank Ltd. and Axis Bank Ltd. fell.

As of 12:01 p.m., the S&P BSE Sensex was 176.25 points, or 0.25% higher at 71,617.06, while the NSE Nifty 50 was 70.70 points, or 0.33% up at 21,521.80.

Earlier in the day, the Sensex touched a life-high of 71,913.07, and the Nifty 50 rose to a record high of 21,593.00.

"Nifty 50 has reversed its previous day loss and we expect the markets to consolidate at current levels with stiff resistance at 21,700 levels. A minor retracement to the lower range of 21,100 levels cannot be ruled out, which is the rising channel support line over the past few weeks," said Vikas Jain, senior research analyst at Reliance Securities Ltd.

HDFC Bank Ltd., Infosys Ltd., Oil and Natural Gas Corp., Reliance Industries Ltd., and Tata Consultancy Services Ltd. were positively contributing to changes in the Nifty.

Axis Bank Ltd., HCL Technologies Ltd., ICICI Bank Ltd., Grasim Industries Ltd. and Sun Pharmaceutical Industries Ltd. were negatively contributing to the change.

On NSE, 13 of the 14 sectors advanced, with Nifty Oil and Gas rising the most to 1.88%. Nifty Realty declined 0.04%.

The broader markets rose; the S&P BSE MidCap gained 0.42%, while the S&P BSE SmallCap was up 0.26%.

Fifteen sectors of the 20 sectors compiled by the BSE advanced and five declined. BSE Energy, and Oil and Gas rose the most.

The market breadth was skewed in the favour of buyers. Around 1,993 stocks rose, 1,646 stocks declined and 157 remained unchanged.