Sensex, Nifty Near Day's High Led By IT Stocks, Bharti Airtel: Midday Market Update
At 12L13 p.m., the Nifty was up 0.58% and the Sensex rose 0.52% supported by gains in TCS, Infosys, Bharti Airtel.
Benchmark equity indices were trading near intraday high through midday trade on Tuesday, driven by gains in the shares of information technology companies and Bharti Airtel Ltd.
At 12:13 p.m., the Nifty 50 was 125.90 points or 0.58% up at 21,897.60 and the Sensex rose 375.80 points or 0.52% to 72,107.22.
"We anticipate Nifty encountering resistance around the 21,900 mark due to notable call writing observed in both ATM and OTM strikes," said Shrey Jain, founder and chief executive officer at SAS Online. "Support levels for Nifty are projected within the range of 21,650 to 21,725."
In the realm of Bank Nifty futures, the opening is foreseen around the 46,000 mark, according to Jain. He said, "Notably, significant open interest is observed in the 46,000 call strike, suggesting a potential ceiling on the upside. On the downside, immediate support is identified at 45,500 levels."
Shares of Tata Consultancy Services Ltd., Infosys Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd. contributed the most to the gains.
Meanwhile, those of ITC Ltd., Power Grid Corp. of India Ltd., Reliance Industries Ltd., HDFC Bank Ltd., and NTPC Ltd. capped the upside.
Most sectoral indices gained with Nifty IT and Nifty Oil & Gas gaining nearly 2%.
The broader markets outperformed; the S&P BSE MidCap Index was up 0.62%, and S&P BSE SmallCap Index was 0.99% higher.
Sixteen out of 20 sectors compiled by BSE advanced, while four sectors declined. S&P BSE Teck rose the most.
The market breadth was skewed in the favour of the buyers. About 2,261 stocks rose, 1,475 declined, while 126 remained unchanged on the BSE.
