Nifty, Sensex Trade Higher Led By ICICI Bank, HDFC Bank, TCS: Midday Market Update

India's key stock indices were trading higher through midday on Friday as global markets rallied after the latest economic data from the US allayed a 'growth scare' in the world's largest economy.

At 11:50 p.m., the NSE Nifty 50 was trading 0.92% higher at 24,365.70, and the BSE Sensex was up 0.97% at 79,873.06.

"The Nifty has closed in an inside range of the previous candle, and an either-side breakout could be expected over the next few days," said Vikas Jain, head of research at Reliance Securities.

"On the higher side, a crossover of 24,400 levels will witness broad based positive momentum and extend the up move to 24,700 levels," he said.

Shares of ICICI Bank Ltd., HDFC Bank Ltd. and Tata Consultancy Services Ltd. contributed the most to the gains in the Nifty 50.

While those of HDFC Life Ltd. and Sun Pharmaceutical Industries Ltd. weighed on the index.

On NSE, 11 sectors advanced and one declined. The NSE Nifty IT rose the most, while the NSE Nifty Pharma fell.

The broader indices were trading in the green, with the BSE Midcap and Smallcap gaining 0.83% and 0.93%, respectively, through midday on Friday.

All sectoral indices on the BSE were trading in the green, led by BSE Realty and BSE Information Technology.

The market breadth was skewed in the favour of the buyers. Around 2,337 stocks advanced, 1,404 declined, and 130 remained unchanged on the BSE.