Sensex, Nifty Hit Fresh Record Highs On Buy Before Budget: Midday Market Update
The Sensex hit fresh record high of 77,878.10, while the Nifty gained 0.34% to hit an intraday high of 23,668.65.
India's benchmark stock indices extended gains, with the Sensex hitting a fresh record high and the Nifty extending gains through midday on Tuesday on buying ahead of the budget amid firm global cues. The Nifty Bank hit a record high earlier in the day, trading above the 52,000 mark.
As of 12:47 p.m., the NSE Nifty 50 was trading 116.55 points, or 0.50%, higher at 23,656.35, and the S&P BSE Sensex gained 498.4 points, or 0.64%, to trade at 77,848.25.
The Sensex hit a fresh record high of 77,878.10, while the Nifty gained 0.34% to hit an intraday high of 23,668.65.
"Following a strong recovery, there has finally been an up-move. Long-term, positional bets are good. But timely profit booking is very important," said Sneha Seth, senior analyst at Angel One Ltd.
"To go long, the bank index or Fin Nifty (Nifty Financial Services Index), whichever has come up in the past four sessions, would be the one," she said
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Shares of HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., State Bank of India, and Infosys Ltd. contributed to the gains in the Nifty.
While those of ITC Ltd., Bajaj Finance Ltd., Oil And Natural Gas Corp., NTPC Ltd. and Tata Motors Ltd. weighed on the index.
Most sectoral indices traded lower. Nifty Realty was the top loser and Nifty Bank rose the most.
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Broader markets were mixed with the S&P BSE Midcap trading 0.30% lower while the S&P BSE Smallcap was trading 0.39% higher through midday on Tuesday.
On BSE, eight sectorial indices advanced and 12 declined. The S&P BSE Bankex was the top performer, while S&P BSE Realty fell the most.
Market breadth was split between buyers and the sellers. Around 1,988 stocks advanced, 1,735 stocks declined, and 142 stocks remained unchanged on the BSE.
