Nifty, Sensex Extend Gains Led By L&T, ONGC, M&M: Midday Market Update

Indian benchmark stock indices rebounded after seesawing between positive and negative territory during morning trade on Tuesday, led by gains in Larsen & Toubro Ltd., Oil and Natural Gas Corp., and Mahindra & Mahindra Ltd.

As of 12:19 p.m., the NSE Nifty 50 was 75.50 points or 0.32% higher at 23,334.70, and the S&P BSE Sensex gained 178.78 points or 0.23% to trade at 76,668.86.

The Nifty 50 declined 0.23% to touch an intraday low of 23,206.65, and the Sensex fell 0.25% to hit a low of 76,296.44.

"After the roller coaster ride last week, markets are taking a breather near record highs. The good part is that there's no price-wise correction. Yesterday, it was a muted session, and today the trend continued," said Ajit Mishra, senior vice president of research at Religare Broking.

Markets not only reclaimed short-term averages but also closed around record highs. It's a healthy consolidation. Religare is expecting markets to maintain this trend and gradually move towards the 23,800–24,000 zone, he told NDTV Profit.

Larsen & Toubro Ltd., Oil and Natural Gas Corp, Mahindra & Mahindra Ltd., Tata Motors Ltd., and Tata Steel Ltd. added to the Nifty.

Kotak Mahindra Bank Ltd., Reliance Industries Ltd., ITC Ltd., Asian Paints Ltd., and Bharti Airtel Ltd. weighed on the index.

On NSE, 10 sectors advanced and two remained flat. The NSE Nifty Realty rose the most among peers, and the NSE Nifty Bank was the top loser on Tuesday.

The NSE Nifty Midcap 150 and the NSE Nifty Smallcap 250 surged to record high for a second day on Tuesday. The indices were trading 0.93% and 0.75% higher, respectively.

Broader markets outperformed the benchmarks on BSE. The S&P BSE Midcap rose 0.98% and the S&P BSE Smallcap rose 1.01%.

On BSE, all 20 sectors advanced with the S&P BSE Capital Goods emerging as the top performing sector.

Market breadth was skewed in favour of buyers. Around 2,489 stocks advanced, 1,195 stocks declined, and 144 stocks remained unchanged on BSE.

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