Sensex, Nifty Off Record Highs As Infosys, L&T, HCL Tech Drag: Midday Market Update
At 11:57 a.m., the Sensex was 214 points or 0.31% higher at 69,079.20, while the Nifty 50 rose 70 points or 0.34% to 20,756.55.
India's benchmark indices were trading off record high through midday on Tuesday as Infosys Ltd., Larsen & Toubro Ltd., and HCL Technologies Ltd. dragged.
At 11:57 a.m., the S&P BSE Sensex was 214 points or 0.31% higher at 69,079.20, while the NSE Nifty 50 rose 70 points or 0.34% to 20,756.55.
Intraday, the Nifty gained 0.79% or 161 points to 20,849.60, while the Sensex rose 0.75% or 516 points to 69,381.31.
"A buy-on-dips strategy is recommended, supported by stability in global markets, a favourable trend in crude oil prices and robust inflows from FII and domestic institutional investors," Shrey Jain, chief executive officer of SAS Online, said.
HDFC Bank Ltd., ICICI Bank Ltd., Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd. and State Bank of India were contributing positively to the Nifty 50.
Infosys Ltd., Larsen & Toubro Ltd., HCL Technologies Ltd., Hindustan Unilever Ltd. and IndusInd Bank Ltd. were weighing on the index.
Sectoral indices were trading on a mixed note, with seven out of the 13 sectors advancing and six declining. Nifty Metal and Energy gained the most, while Media and Realty fell the most.
The broader markets underperformed their larger peers, with the BSE MidCap falling 0.36% and the SmallCap declining 0.03% by midday on Tuesday.
Six out of the 20 sectors compiled by BSE Ltd. declined, while 14 sectors advanced. Realty and IT declined the most.
The market breadth was skewed in favour of the sellers. About 1,967 stocks fell, 1,675 rose, and 146 remained unchanged on the BSE.
