Nifty, Sensex Trade Higher Led By RIL, HDFC Bank, Kotak Bank: Midday Market Update
At 12:04 p.m., the NSE Nifty 50 index was trading 0.15% higher at 23,550.20, and the S&P BSE Sensex gained 0.15% to trade at 77,450.21
India's benchmark stock indices were trading higher through midday on Thursday, tracking gains in heavyweights Reliance Industries Ltd., HDFC Bank Ltd., and Kotak Mahindra Bank Ltd.
At 12:04 p.m., the NSE Nifty 50 index was trading 34.20 points, or 0.15%, higher at 23,550.20, and the S&P BSE Sensex gained 112.62 points, or 0.15%, to trade at 77,450.21.
Intraday, the Nifty 50 rose 0.30% to 23,587.70, and the Sensex rose 0.32% to 77,588.31.
"For the past two trading sessions, we have seen a consistent up-move. The Nifty 50 index snapped its five-day winning streak Wednesday and formed a small bearish candlestick pattern, which basically indicates some amount of profit taking is very likely," according to Nilesh Jain, vice president, technical and derivative research, Centrum Broking.
Centrum Broking expects some consolidation, with a slightly positive bias going forward. On the upside, 23,700 is the resistance for the Nifty, and on the downside, there is multiple support at 23,500, 23,400-23,350, Jain said. "Some amount of volatility is also expected going forward, as month-end futures and options expire next week."
As of 12:05 p.m., the NSE India Volatility Index was trading 1.84% lower at 13.46, compared to Wednesday's close of 13.71.
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Reliance Industries Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., and Axis Bank Ltd. were the contributors to the Nifty 50.
Mahindra & Mahindra Ltd., Sun Pharmaceutical Industries Ltd., Bharti Airtel Ltd., Titan Co., and Bajaj Finance Ltd. weighed on the index.
On the NSE, eight sectors advanced, one remained flat, and three declined. The NSE Nifty Metal led the sector with the most gains. The NSE Nifty Pharma was the worst performer.
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Broader markets outperformed benchmark indices, with the S&P BSE Midcap and Smallcap trading 0.43% and 1.00% higher, respectively, through midday on Thursday.
On BSE, 13 sectors advanced and seven declined. The S&P BSE Metal gained nearly 2% to become the top performing sector, while the S&P BSE Healthcare was the worst-performing sector.
Market breadth was skewed in favour of the buyers. Around 2,353 stocks rose, 1,307 stocks fell, and 159 stocks remained unchanged on BSE.
