Nifty, Sensex Rebound Led By HDFC Bank, Infosys, Axis Bank: Midday Market Update
During morning trade, the Nifty 50 index had fallen 0.64% to 24,212.10, and the BSE Sensex declined 0.60% to 79,226.13.
India's key stock indices rebounded through midday on Monday after erasing morning losses, led by gains in index heavyweights HDFC Bank Ltd., Infosys Ltd., and Axis Bank Ltd.
At 12:34 p.m., the NSE Nifty 50 was trading 0.15%, or 36.7 points, higher at 24,396.90, and the BSE Sensex gained 0.21%, or 166.44 points, to trade at 79,872.35. During morning trade, the Nifty 50 index had fallen 0.64% to 24,212.10, and the BSE Sensex declined 0.60% to 79,226.13.
"The suggested strategy is to reduce long positions until the market (Nifty) crosses the 24,500 level. Considering trading bets above 24,500 is advisable as there may be a technical breakout that could push the market towards the 24,900 level," said Shrikant Chouhan, head of equity research at Kotak Securities. "Below 23,800, Nifty could drop to 23,300."
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Shares of HDFC Bank Ltd., Infosys Ltd., and Axis Bank Ltd. contributed the most to the gains in the Nifty 50.
While those of Reliance Industries Ltd., NTPC Ltd., and State Bank Of India Ltd. limited the gain in the index.
On NSE, seven sectors declined, and five advanced out of 12. The NSE Nifty Realty rose the most, while the NSE Nifty Media fell the most.
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The broader indices were trading on a mixed note, with the BSE Midcap falling 0.23% and the BSE Smallcap rising 0.42% through midday on Friday.
Ten out of 20 sectoral indices on the BSE were trading in the green, led by BSE Realty and BSE Consumer Durables.
The market breadth was skewed in the favour of the sellers. Around 1,998 stocks declined, 1,909 advanced, and 142 remained unchanged on the BSE.
