Nifty, Sensex Trade Higher Led By HDFC Bank, Reliance: Midday Market Update
As of 12:26 p.m., the NSE Nifty 50 was trading 0.33% higher at 22,680.10 and the S&P BSE Sensex gained 0.34% to trade at 74,732.58.
India's benchmark stock indices were trading higher through midday on Thursday led by gains in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd.
As of 12:55 p.m., the NSE Nifty 50 was 74.55 points, or 0.33%, higher at 22,679.40, and the S&P BSE Sensex gained 223.79 points, or 0.30%, to 74,706.57. The Nifty rose 0.45% to 22,706.90 and Sensex rose 0.44% to 74,812.43 so far in the day.
"Today, the Sensex and Nifty 50 are expected to trend positively, influenced by a blend of global market signals. This comes as Federal Reserve officials opt to maintain interest rates, in line with what the market anticipated," said Shrey Jain, founder and chief executive officer at SAS Online.
During the previous trading session, Nifty briefly reached the 22,800 threshold, but couldn't maintain this elevation, ultimately closing near 22,600. As the week comes to an end, Jain expects Nifty to consolidate around its current levels, fluctuating within a wider spectrum of 22,600 and 22,750.
Shares of HDFC Bank Ltd., Reliance Industries Ltd., Power Grid Corp. of India, ITC Ltd., and Tata Consultancy Services Ltd. were positively contributing to the Nifty.
While those of ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and Infosys Ltd. were weighing on the index.
On NSE, eight sectors advanced and four declined. The NSE Nifty metal rose the most, and the NSE Nifty Realty declined the most.
Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.77% and the S&P BSE Smallcap gaining 0.35% through midday on Thursday.
On BSE, out of 20 sectors, 16 advanced and four declined. The S&P Utilities rose the most, while S&P BSE Realty was the worst performer.
The market breadth was skewed in the favour of the buyers. Around 1,967 stocks advanced, 1,684 stocks declined, and 165 stocks remained unchanged on BSE.
