Sensex, Nifty Extend Gains To Seventh Day As Auto Stocks Rally: Midday Market Update

India's benchmark stock indices extended gains through midday on Friday, led by auto stocks, tracking mixed global cues ahead of US Fed Chair Jerome Powell’s speech in Jackson Hole, that may bring clarity on September's rate action.

At 12:03 p.m., the NSE Nifty 50 was trading 27 points, or 0.11% higher at 24,839, while the S&P BSE Sensex was up 50 points, or 0.06% at 81,100.

Nifty is holding its 20-week average of 24,600 levels, which would be key to hold for the broader market up-move, according to Vikas Jain, head of research at Reliance Securities Ltd.

"On the higher side, the breakout of 25,000 levels would extend the up move to 25,300, while on the downside 24,400 will be a trend reversal point," he said.

The relative strength index is trending above the average line and other key technical indicators are piercing to the higher band of scale, Jain noted.

Shares of ICICI Bank Ltd., Tata Motors Ltd., Bharti Airtel Ltd., Bajaj Auto Ltd. and Coal India Ltd. were positively contributing to changes in the Nifty 50.

While those of Infosys Ltd., Tata Consultancy Services Ltd., Oil and Natural Gas Corp., State Bank of India and Titan Co. were negatively contributing to the change.

On NSE, seven out of 12 sectors declined and five advanced. The Nifty Auto and Nifty Energy rose the most, while Nifty Realty fell the most.

The broader indices were mixed, with the BSE Midcap down 0.27% and Smallcap gaining 0.18%, through midday on Friday.

On BSE, 14 out of 20 sectoral indices were higher, led by BSE Services and BSE Auto. While, six were trading lower led by BSE Realty and BSE Information Technology.

The market breadth was skewed in the favour of buyers. Around 2,127 stocks advanced, 1,628 declined, and 143 remained unchanged on the BSE.