Nifty Hits Record High As All Sectors Gain; Sensex Nears 72,900: Midday Market Update
Nifty 50 and Sensex were trading over 1.7% higher as of 11:53 a.m. as bullish sentiment prevailed after the budget.
Indian stock indices extended gains to trade higher through midday on Friday, with the NSE Nifty 50 hitting an all-time high led by gains in the oil & gas sector, including index heavyweight Reliance Industries Ltd.
As of 11:53 a.m., the NSE Nifty 50 rose 377.90 points, or 1.74%, to 22,075.35, while the S&P BSE Sensex gained 1,232.20 points, or 1.72%, to 72,877.50.
The Nifty 50 hit a fresh lifetime high of 22,126.80, and the Sensex touched 73,089.40 so far in the day.
"The undertone remains bullish with the downside protected at 21,630, which is 21-day monthly average support," Aditya Gaggar, director of Progressive Share Brokers Pvt., said.
"As long as Bank Nifty is trading above 45,600, it can go to 46,300 and 46,900 levels," Shrikant Chouhan, head of equity research at Kotak Securities Ltd., said. "Below 45,600, it would gradually fall towards 45,200/45,000 levels."
RIL, Infosys Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd. and HDFC Bank Ltd. contributed positively to the Nifty 50.
Eicher Motors Ltd., HDFC Life Insurance Co., Britannia Industries Ltd., Apollo Hospitals Enterprises Ltd. and UPL Ltd. capped the gains.
All 12 sectors advanced on the NSE, with the Nifty Oil & Gas being the top performer.
The broader markets advanced in line with the benchmark indices as the BSE Midcap rose 1.27% and the Smallcap gained 1.16%.
On the BSE, all the 20 sectors were trading in the green, with Oil & Gas rising the most.
The market breadth was skewed in favour of the buyers as 2,404 stocks gained, 1,285 fell and 123 remained unchanged on the BSE.
