Nifty, Sensex Hit Fresh Peak Led By Reliance Industries: Midday Market Update
The Nifty hit a fresh record high of 22,663.15, and the Sensex touched a lifetime high of 74,765.10 so far today.
India's benchmark stock indices extended gains to hit a fresh record high through midday on Monday, led by gains in index heavyweight Reliance Industries Ltd.
At 12:30 p.m., the Nifty traded 151 points, or 0.67% higher, at 22,664.70, while the Sensex gained 489.47 points, or 0.7%, to trade at 74,759.08.
The Nifty hit a fresh record high of 22,667.50, and the Sensex touched a lifetime high of 74,769.42 so far today.
"If the Nifty crosses 22,680, the index may climb up to 22,790–22,800 in the next few sessions," according to Sudeep Shah, deputy vice president and head of technical and derivatives research at SBICAP Securities.
While Nifty may see support at 22,350 and 22,380, he said.
Shares of Reliance Industries Ltd., Maruti Suzuki Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., and Larsen & Toubro Ltd. were contributing the most to the Nifty 50.
Meanwhile, those of State Bank Of India Ltd., Apollo Hospitals Enterprises Ltd., Nestle India Ltd., Adani Ports and Special Economic Zone Ltd., and HDFC Bank Ltd were weighing on the 50-stock index.
Most sectoral indices were higher with Nifty Auto and Nifty Realty gaining over 2%. Only Nifty IT and Nifty PSU Bank fell.
Broader markets also rose with the S&P BSE Midcap rising 0.46% and the S&P BSE Smallcap gaining 0.29% through midday on Monday.
On BSE, 19 out of 20 sectors advanced, while S&P BSE Services fell. S&P BSE Auto rose the most.
Market breadth was skewed in favour of buyers. On BSE, 2,014 stocks rose, 1,694 stocks declined, and 160 remained unchanged.
