Sensex, Nifty Near Lifetime Highs Led By M&M, RIL; Nifty Bank At Record: Midday Market Update
At 12:02 p.m., the Nifty traded 0.47% higher at 22,748.80, and the Sensex gained 0.44% to trade at 74,999.22.
Benchmark equity indices extended gains to trade near their respective record highs through midday on Tuesday, tracking global peers and strong quarterly results announcements.
At 12:48 p.m., the Nifty traded 100.80 points, or 0.45%, higher at 22,744.20, and the Sensex gained 300.36 points, or 0.4%, to trade at 74,971.64.
"We had a huge short-covering rally in banks yesterday, and it seems it is poised to cross the landmark 50,000 in a very short time," said Ajit Rambhia, founder and chief executive at Ajira Ventures. He expects the Nifty to hit a new record high very soon.
According to Rambhia, the Nifty's expiry close of 22,570 last month will act as support, while its all-time high of 22,775 will act as resistance.
He added that Nifty Bank's monthly close of 48,200 will act as good support, and it is in the free zone above this. However, he advises you to continue hedging in your positions due to the impending major events.
Shares of Reliance Industries Ltd., Mahindra & Mahindra Ltd., Power Grid Corp. Of India Ltd., Tata Motors Ltd. and Maruti Suzuki India Ltd. contributed the most to the gains.
While those of Tata Consultancy Services Ltd., Infosys Ltd., Tata Steel Ltd., Tech Mahindra Ltd., and HCLTech Ltd capped the upside.
Most sectoral indices rose with Nifty Auto gaining more than 2% followed by Nifty Realty. Nifty PSU Bank and Nifty Metal were the top losers.
Broader markets traded higher on BSE. The S&P BSE Midcap was 0.82% up, and the S&P BSE Smallcap was 0.50% higher.
On BSE, 16 sectoral indices advanced, and four declined out of 20. The S&P BSE Auto rose the most followed by S&P BSE Realty.
Market breadth was skewed in favour of the buyers. Around, 1,979 stocks rose, 1,655 stocks declined, and 154 stocks remained unchanged on BSE.
