Sensex, Nifty Trade Higher As Infosys, M&M, L&T Gain: Midday Market Update
Both the Nifty and Sensex were trading above 0.5%.
Indian benchmark stock indices continued to advance through midday on the last session of the week as Mahindra & Mahindra Ltd. and Infosys Ltd. gained.
As of 12:06 p.m., the NSE Nifty 50 was 134.20 points, or 0.61% higher at 22,044.95, and the S&P BSE Sensex was up 371.00 points, or 0.51% at 72,421.38.
Intraday, Nifty rose 0.62% to 22,045.95, and the Sensex advanced 0.58% to 72,469.45. Nifty reclaimed the 22,000 mark for first time since Feb 8.
The index has closed in a doji candle near the higher range and a crossover of 22,000 levels will give a strong upward move in index pivot, said Vikas Jain, senior research analyst at Reliance Securities Ltd. A doji candle near the higher range indicates bullish trend.
The support levels would move higher to 21,700, with the trend moving upwards and 21,450 will be the major trend reversal levels. RSI is trending above its average line and other key technical indicators are poised for an up move, Jain said.
Shares of Mahindra & Mahindra Ltd., Maruti Suzuki India Ltd., Infosys Ltd. and Larsen & Toubro Ltd. were positively contributing to changes in the Nifty.
Whereas, Axis Bank Ltd., HDFC Bank Ltd., Power Grid Corp., Oil and Natural Gas Corp., and Reliance Industries Ltd. were weighing the index.
On NSE, nine of the 12 sectors gained, while three declined. The Nifty Auto surged over 2.26%, to become the top performer among sectoral indices. Nifty Energy was the top loser.
Broader markets rose, in line with benchmark indices; the S&P BSE Midcap rose 0.58%, and S&P BSE Smallcap was 0.66% higher.
Sixteen of the 20 sectors compiled by the BSE rose, while four fell. S&P BSE Auto rose the most and S&P BSE Power declined the most.
Market breadth was skewed in the favour of buyers. Around 2,277 stocks rose, 1,402 stocks declined, and 119 remained unchanged on BSE.
