Nifty, Sensex Rebound After Opening Lower Led By ICICI Bank, ITC, Sun Pharma
As of 11:55 a.m., the NSE Nifty 50 trading 84.15 points or 0.38% higher at 22,096.10, and the S&P BSE Sensex was trading 201.41points or 0.28% higher at 72,842.59.
India's benchmark stock indices erased earlier losses to trade high through midday on Friday, led by gains in ICICI Bank Ltd., ITC Ltd., and Sun Pharmaceutical Industries Ltd.
As of 11:55 a.m., the NSE Nifty 50 was trading 84.15 points, or 0.38%, higher at 22,096.10, and the S&P BSE Sensex gained 201.41 points, or 0.28%, to trade at 72,842.59.
The Nifty 50 had rebounded from the intraday low of 21,883.30 and the Sensex from the low of 72,172.09 it touched earlier on Friday.
"Bearish moves in the IT heavyweights led to a head-and-shoulder breakdown, which has changed the short-term trend to negative. Selected metal stocks look strong on the technical front. After finding resistance at the higher end of the rising channel, the pharmaceutical sector is witnessing a round of correction, and we believe that some more pain is left," said Aditya Gaggar, director, Progressive Shares.
"The Bank-Nifty is trading within a broader range of 1,000 points. If it crosses the level of 47,000, expect a continuation of the pullback; otherwise, it could retest 46,500 or 46,200 levels," said Shrikant Chouhan, head equity research, Kotak Securities. "Trade within the given levels."
ICICI Bank Ltd., ITC Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., and Sun Pharmaceutical Industries were contributing to the Nifty.
Infosys Ltd., Tata Consultancy Services Ltd., HCL Technologies Ltd., Wipro Ltd., and LTIMindtree Ltd. weighed on the index.
On NSE, 11 sectors advanced and one declined. The NSE Nifty Media index rose the most among sectoral indices, while the NSE Nifty IT index fell the most among peers.
Broader markets were trading higher on BSE. The S&P BSE Midcap was trading 0.22% higher and the S&P BSE Smallcap gained 1.08% through midday on Friday.
On BSE, 18 sectors declined, and two advanced, with the S&P BSE IT index emerging as the worst performer among peers. The S&P BSE Telecommunication was the best performing sector.
Market breadth was skewed in favour of the buyers. Around 2,462 stocks rose, 1,121 stocks declined, and 118 stocks remained unchanged on BSE.
