Nifty, Sensex Pare Gains As Infosys, Trent Share Prices Fall: Midday Market Update

As of 11:47 a.m., Nifty 50 was 0.17% higher at 25,024.45, and Sensex was up 0.26% at 81,682.08.

The Nifty and Sensex pared most of their early gains as Infosys Ltd. and Trent Ltd. share prices dragged.

NSE Headquarter In BKC, Mumbai. (Source: Vijay Sartape/NDTV Profit)

The NSE Nifty 50 and BSE Sensex pared most gains from the morning, tracking declines in Infosys Ltd. and Trent Ltd.'s share prices. As of 11:47 a.m., the Nifty 50 was 0.17%, or 42.50 points higher at 25,024.45, and the Sensex was up 214.98 points, or 0.26% at 81,682.08.

So far today, Nifty rose as much as 0.61% to 25,134.05, and Sensex rose 0.66% to 82,002.84. Rise in most Asian shares in the early trade also provided support to the benchmark indices.

Nifty has been trading in the range of 24,800-25,200 over the past few days and an either side breakout would decide the next leg of move from current levels, said Vikas Jain, head of research, Reliance Securities Ltd.

The relative strength index has witnessed up-move from the lower range and the brokerage expects volatility to increase with respect to the weekly expiry. Highest call open interest has moved higher to 25,300 strikes, while in the downside, the highest put OI is at 24,500 for the weekly expiry, Jain said.

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Shares of HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd. and Larsen & Toubro Ltd. were positively contributing to changes in the Nifty.

While those of Infosys Ltd., Trent Ltd., Hindustan Unilever Ltd., Titan Co. Ltd., and Tata Motors Ltd. weighed the index.

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On NSE, six out of 12 sectors advanced, four declined, and one remained flat. The NSE Nifty Energy rose the most, and the NSE Nifty Pharma declined the most.

Broader markets rose on Thursday. The BSE Midcap and Smallcap indices were trading 0.12% and 0.58% higher, respectively.

On BSE, 16 out of 20 sectors advanced and four declined. The BSE Utilities rose the most, while the BSE Healthcare declined the most.

Market breadth was skewed in the favour of buyers. Around 2,389 stocks advanced, 1,305 stocks declined, and 160 stocks remained unchanged on BSE.

Also Read: Stock Market Today: Nifty, Sensex Close Higher Ahead Of TCS Q2 Results, US CPI Data

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