Nifty, Sensex Extend Gains Led By Banks, IT Stocks: Midday Market Update
At 12 p.m., the Nifty was trading 0.41% higher at 24,108.25, and the Sensex gained 0.41% to trade at 79,354.74.
India's benchmark equity indices extended gains through midday on Monday after a muted opening on the back of gains in IT and financial services stocks.
At 12 p.m., the Nifty was trading 97.65 points, or 0.41%, higher at 24,108.25, and the Sensex gained 322.02 points, or 0.41%, to trade at 79,354.74.
The market is in a structural uptrend, but looking at the current technical structure, it has deviated quite a bit from its mean, according to Milan Vaishnav, founder of Gemstone Equity Research.
He advised investors to keep travelling with the trend but also to be vigilant and mindful about guarding profits at higher levels. He also stated that he does not anticipate a runaway move in Nifty.
Shares of HDFC Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and Hindustan Unilever Ltd. contributed the most to the Nifty.
While those of Larsen & Toubro Ltd., NTPC Ltd., Reliance Industries Ltd., State Bank Of India, and Sun Pharmaceutical Industries Ltd. weighed on the index.
Most sectoral indices were trading higher with Nifty Media and Nifty IT leading.
Broader indices outperformed their larger peers, with the S&P BSE Midcap and the S&P BSE Smallcap trading 0.95% and 1.95% higher, respectively, during midday on Monday.
Barring BSE Power and BSE Utilitiies, all sectoral indices on the BSE rose led by S&P BSE IT.
The market breadth was skewed in favour of the buyers. Around 2,627 stocks rose, 1,210 fell and 177 remained unchanged on the BSE.
