Nifty, Sensex On Path To Break Six-Day Losing Streak, HDFC Bank, RIL Gain: Midday Market Update
As of 12:39, the Nifty was trading 135.40 points, or 0.55%, higher at 24,931.15, and the Sensex was trading 386.68 points, or 0.48%, higher at 81,436.68.
The image is for representation. (Photo source: NDTV Profit)
India's benchmark stock indices are on track to reverse their six-day losing streak by trading higher through midday on Tuesday, led by gains in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd.. The indices were among the top gainers in the Asia-Pacific region on Tuesday.
If Nifty 50 and Sensex managed to hold their gains till Tuesday's session concludes, they will snap their six-day losing streak. The benchmarks declined over 5% and posted their worst six-day loss on Monday.
As of 12:39, the Nifty was trading 135.40 points, or 0.55%, higher at 24,931.15, and the Sensex was trading 386.68 points, or 0.48%, higher at 81,436.68.
So far today, the Nifty 50 rose 0.78% or 194.10 points to 24,989.85, and the Sensex rose 0.70% or 567.06 points to 81,617.06.
According to Vikas Jain, head of research at Reliance Securities, the Nifty 50 failed to gain momentum, closing at a two-month low on Monday due to profit booking in the pivotal index and a higher drawdown in the mid-cap and small-cap indices.
The 20-week average at 24,530 will serve as the next support level, while a crossover above 25,200 will initiate positive momentum in broader markets, Jain said.
HDFC Bank Ltd., Reliance Industries Ltd., Trend Ltd., Mahindra & Mahindra Ltd., and Axis Bank Ltd. added to the gain in Nifty.
Infosys Ltd., Tata Consultancy Services Ltd., Tata Steel Ltd., Tata Motors Ltd., and Titan Co. Ltd. weighed on the index.
On NSE, 10 sectors advanced and two declined. The NSE Nifty Media rose the most, and the NSE Nifty Metal declined the most.
HDFC Bank Ltd., and Reliance Industries Ltd. share prices contributed the most to the index.
Most sectoral erased early losses to trade higher through midday.
Broader markets outperformed benchmark indices. The BSE Midcap and and Smallcap indices were trading 1.02% and 1.36% higher, respectively, through midday market on Tuesday.
On BSE, 17 sectors advanced and three declined. The BSE Services rose the most, and the BSE Metal declined the most.
Market breadth was skewed in favour of buyers. Around 2,657 stocks rose, 1,160 stocks declined, and 113 stocks remained unchanged on BSE.
