Nifty Crosses 22,400, Sensex Adds Nearly 1,000 Points: Midday Market Update
On the NSE, all 12 sectors advanced, with the Nifty PSU Bank rising the most among peers.
Extending gains for a second day, the benchmark stock indices rose sharply on Thursday in the last session of FY24, tracking rise in ICICI Bank Ltd. and HDFC Bank Ltd.
Financial services and IT stocks rose, which assisted upward movement of the benchmark stock indices.
As of 12:56 p.m., the NSE Nifty 50 was trading 292.15 points or 1.32% higher at 22,415.80, and the S&P Sensex was 923.11 points or 1.26% up at 73,919.42.
Intraday, the Nifty scaled a high of 22,434.85 and the Sensex touched a high of 73,984.61.
"Technically speaking, the market maintained positive momentum throughout the day on the daily chart after a positive start. In our view, the market structure is bullish," Shrikant Chouhan, head of equity research at Kotak Securities Ltd., said.
Shares of Bajaj Finance Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd. and Larsen & Toubro Ltd. were leading the gains in the Nifty.
Axis Bank Ltd., Bajaj Auto Ltd., Britannia Industries Ltd., HCL Technologies Ltd. and Hindalco Industries Ltd. weighed on the index the most.
On the NSE, all 12 sectors advanced, with the Nifty PSU Bank rising the most among peers. The benchmark Nifty50 saw 47 constituents in green and only three in red.
The broader markets underperformed the benchmark indices as the BSE MidCap rose 0.51% and the SmallCap rose 0.71%.
On the BSE, all 20 sectors advanced, with Power rising over 1% to become the top performing sector.
The market breadth was skewed in the favour of the buyers as 2,276 stocks advanced, 1,324 declined and 136 remained unchanged on the BSE.
On the NSE, 47 of the benchmark Nifty 50 stocks advanced, two declined and one remained unchanged.