Sensex, Nifty Extend Gains As Bajaj Finance, Axis Bank, NTPC Lead: Midday Market Update

India's benchmark stock indices extended gains through midday on Thursday, led by advances in Bajaj Finance Ltd., NTPC Ltd. and Axis Bank Ltd. 

As of 12:01 p.m., the S&P BSE Sensex was trading 0.64%, or 457.13 points, higher at 71,813.85, while the NSE Nifty 50 rose 0.58%, or 123.30 points, to 21,644.80. The Sensex hit intraday high of 71,862.41 and the NSE Nifty 50 21,659.35 so far in the day.

"Nifty 50 has closed Wednesday at a five-day low, and the 20-day average placed at 21,320 will act as strong support from current levels. On the higher side, the month opening of 21,700 will act as strong resistance, and a crossover of the same would push the index higher to 22,000 levels," said Vikas Jain, senior research analyst at Reliance Securities Ltd.

"Bank Nifty traded volatile with sharp swings, trending in a range of 400 points, and ends flat to negative near the median range. On the higher side, resistance will be at 48,100, being the short term average, above which we will witness positive momentum in index pivotal," Jain said.

Axis Bank Ltd., Bajaj Finance Ltd., HDFC Bank Ltd., NTPC Ltd., and Reliance Industries Ltd. were contributing to the Nifty.

While, Bharti Airtel Ltd., Bharat Petroleum Corp., Maruti Suzuki India Ltd., HCL Technologies Ltd., and Tata Consultancy Services Ltd. were weighing on the index.

Most sectoral indices on the NSE advanced, with the Nifty Realty rising 5.0% to become the top gainer. Eleven of the 12 sectors advanced, while Nifty IT was the only sector that declined.

Broader markets outperformed benchmark indices, with the S&P BSE Smallcap rising 0.98% and S&P BSE MidCap gaining 1.19% through midday on Thursday.

Eighteen of the 20 sectors compiled by BSE Ltd. advanced, while two declined. S&P BSE Realty was the top gainer, rising 5.41%.

The market breadth was skewed in favour of the buyers. Around 2,636 stocks rose, 1,063 declined and 138 remained unchanged on BSE