Nifty, Sensex Continue Upbeat Rally Ahead Of Fed Decision: Midday Market Update
At 12:28 p.m., Nifty was 0.34% higher at 24,944, and Sensex gained 0.29% to trade at 81,689.
The Indian benchmark equity indices opened higher and continued their upbeat rally ahead of policy announcements by the Federal Reserve. Bharti Airtel Ltd. and NTPC Ltd. led gains.
Brent crude oil snapped its two-day fall to close at 1.63% higher at $79.91 due to geopolitical tensions arising out of Israel's attack on Beirut.
At 12:28 p.m., the NSE Nifty 50 was 85.70 points, or 0.34% higher at 24,944, and the S&P BSE Sensex gained 234.28 points, or 0.29% to trade at 81,689.
Nifty hit an intraday high of 0.39%, and Sensex touched 0.37%.
The psychological level of 25,000 will continue to act as a strong barrier, according to Aditya Gaggar, director of Progressive Shares Brokers Pvt. While, immediate support is placed at 24,800 followed by 24,660.
For Bank Nifty, a level of 51,900 acts as a stiff hurdle, while 51,250 serves as immediate support, he said in addition to expecting stock-specific buying in information technology.
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Shares of Bharti Airtel Ltd., NTPC Ltd., and ICICI Bank Ltd. were positively contributing to changes in the Nifty 50.
While those of Reliance Industries Ltd., Infosys Ltd. and Axis Bank Ltd. were weighing the index.
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On NSE, 10 out of 12 sectors were trading higher, with Nifty Pharma and Media advancing the most. The Nifty PSU Bank fell the most.
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The broader indices were also trading higher, with the BSE MidCap rising 0.90% and the BSE SmallCap advancing 0.25%.
All 20 sectoral indices on BSE advanced, with healthcare rising the most.
The market breadth was skewed in the favour of the buyers as 2,192 stocks rose, 1,616 declined and 105 remained unchanged on the BSE.
