Nifty, Sensex Gain On Global Cues; Bharti Airtel, ITC, HCL Tech Rise: Midday Market Update
At 1 p.m., the NSE Nifty 50 was trading 68.85 points or 0.3% higher at 22,405.25, and the S&P BSE Sensex gained 221.36 points or 0.3% to trade at 73,869.98.
India's benchmark indices were trading higher through midday on Tuesday in tandem with the Asian market rally fueled by an improved global risk appetite.
At 1 p.m., the NSE Nifty 50 was trading 68.85 points or 0.3% higher at 22,405.25, and the S&P BSE Sensex gained 221.36 points or 0.3% to trade at 73,869.98.
The Nifty 50 hit an intraday high of 22,447.55 and the Sensex touched a high of 74,059.89 so far on Tuesday.
The overall positive momentum is likely to push the Nifty 50 higher to fill the bearish gap zone of 22,430-22,500 while on the lower side, a level of 22,180 will act as support, Aditya Gaggar, director, Progressive Shares said.
"Support for Bank Nifty is observed between 47,575 and 47,675, while resistance is seen between 48,150 and 48,250," Jain said.
Bharti Airtel Ltd., ITC Ltd., HCL Technologies Ltd., Grasim Industries Ltd., and State Bank India supported the benchmark index.
Reliance Industries Ltd., Sun Pharmaceutical Industries Ltd., Larsen & Toubro Ltd., and HDFC Bank Ltd. weighed on the index.
On NSE, nine sectors advanced and three declined. The NSE Nifty Realty index was the top gainer, while NSE Nifty Oil & Gas index was the top loser.
Broader markets rose. The S&P BSE Midcap index was 0.37% higher, and the S&P BSE Smallcap was 0.86% up.
On BSE, 18 sectors advanced and two declined. The S&P BSE Telecommunication index rose over 2% to become the top gainer. The S&P BSE Energy was the top loser.
Market breadth was skewed in favour of the buyers. Around 2,370 stocks advanced, 1,227 stocks declined, and 141 stocks remained unchanged on BSE.