Nifty, Sensex Trade Near 1% High Led By RIL, HDFC Bank, ICICI Bank: Midday Market Update.
At 12:47 p.m., the Nifty was trading 0.98% higher at 24,353.60, and the Sensex gained 0.99% to trade at 79,670.78.
India's key stock indices rose 1% through midday on Friday due to a global market rally and the Reserve Bank of India's upward revision of its fiscal 2025 growth estimates. Index heavyweights Reliance Industries Ltd., HDFC Bank Ltd., and ICICI Bank Ltd. made gains that supported the indices.
At 12:47 p.m., the Nifty was trading 0.98%, or 236.60 points, higher at 24,353.60, and the Sensex gained 0.99%, or 784.56 points, to trade at 79,670.78.
"The rally in global markets, strong quarterly results, and the RBI's upward revision of the fiscal 2025 GDP growth target to 7.2% from 7% are expected to create a positive sentiment in the market," said Vikas Jain, head of research at Reliance Securities. "Investors may find good buying opportunities in sectors such as pharma, IT, FMCG, oil companies, and auto, which have reported strong quarterly results," he said.
Shares of Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., and Infosys Ltd contributed the most to the gains in the Nifty.
While those of Asian Paints Ltd., Bharat Petroleum Corp. Ltd., HDFC Life Insurance Co. Ltd., Hindustan Unilever Ltd., and IndusInd Bank Ltd. limited the gain in the index.
All sectoral indices traded in the green led by Nifty Media, while Nifty FMCG rose the least.
The broader indices also rose, with the BSE Midcap and Smallcap rising 1.07% and 0.8%, respectively, through midday on Friday.
All sectoral indices on the BSE were in the green, led by BSE Realty.
The market breadth was skewed in the favour of the buyers. Around 2,386 stocks rose, 1,417 declined, and 124 remained unchanged on the BSE.
