Nifty, Sensex Continue Rally As ITC, RIL, Infosys Lead: Midday Market Update
ICICI Bank, Bharti Airtel, UltraTech Cement, Axis Bank and NTPC weighed on the indices.
The benchmark indices were trading with steady gains through midday on Wednesday after opening at new record highs.
As of 12:05 p.m., the NSE Nifty 50 was 0.36% or 74 points higher at 20,929.35 points and the S&P BSE Sensex was 0.45% or 309 points up at 69,605.42.
Intra-day, the Nifty rose to a lifetime high of 20,958.65, while the Sensex hit a record high of 69,673.83.
"Equity market benchmarks, Sensex and Nifty, have extended their upward trend for the seventh consecutive session, driven by consistent buying from foreign institutional investors and a decline in crude oil prices," Shrey Jain, chief executive officer of SAS Online, said.
Regarding the Nifty, its immediate support is identified at the 20,675 and 20,725 levels, with a potential for profit-booking around the 21,000 mark, Jain said. "As for the Bank Nifty, a robust support zone lies within the 46,450–46,650 range."
ITC Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd. and Infosys Ltd., contributed the most to the gains.
ICICI Bank Ltd., Bharti Airtel Ltd., UltraTech Cement Ltd., Axis Bank Ltd. and NTPC Ltd. weighed on the indices.
Sectoral indices were mixed with eight rising and six falling. The Nifty Energy and Media gained 1.5% and 1.45% respectively, while Realty and Bank fell the most.
The broader markets underperformed their larger peers, with the BSE MidCap gaining 0.22% and the SmallCap gaining 0.25%.
Five out of the 20 sectors compiled by the BSE declined, while 15 advanced.
The market breadth was skewed in favour of the buyers. About 1,978 stocks rose, 1,630 fell and 143 remained unchanged on the BSE.
