Midday Market Update: Sensex, Nifty Off Day's High; Metal, Consumer Durables Stocks Gain
Sensex, Nifty advanced, but are off day's high, aided by gains in metal, consumer durables, power and industrials stocks
India's stock benchmarks gained but are off the day's highs, aided by gains in metal, consumer durables, power and industrial stocks.
Titan Ltd., JSW Steel Ltd., Kotak Mahindra Bank Ltd., NTPC Ltd. and Adani Ports and Special Economic Zone Ltd. among others, were the top gainers, even as market participants awaited U.S. Federal Reserve Chair Jerome Powell's address at the Jackson Hole annual economic symposium.
The Sensex rose over 200 points to 58,999.94 after having risen by nearly 550 points to an intraday high of 59,321.65 earlier in the session. The Nifty 50 gained 0.41% to 17,594.40. Among Nifty 50 constituents, 38 stocks rose while 12 fell.
The broader indices almost mirrored their larger peers. Barring FMCG and telecom indices, all the other 17 sectoral indices advanced.
The market breadth is skewed in favour of the bulls. About 1,998 stocks rose, 1,322 fell, and 166 remained unchanged.