Nifty, Sensex Pare Gains As HDFC Bank Weigh; ICICI Bank Leads: Midday Market Update
At 11:46 a.m., the Nifty was trading 0.64% higher at 22,289.50, and the Sensex rose 0.52% to trade at 73,467.79.
India's benchmark stock indices pared gains through midday trade on Monday, weighed by losses in heavyweight HDFC Bank Ltd. Growing pessimism over the Federal Reserve's cutting interest rates soon also dented sentiment, limiting the rise in the indices.
At 11:46 a.m., the Nifty was trading 142.50 points, or 0.64%, higher at 22,289.50, and the Sensex rose 379.46 points or 0.52% to trade at 73,467.79.
Jatin Gedia, a technical research analyst at Sharekhan, told NDTV Profit that he is bullish on both Nifty and Nifty Bank. However, the upside in the Nifty 50 will only be limited to 22,500–22,600 levels in the current-month contract, he said.
Nifty Bank is likely to witness a pullback from its recent fall and may rise to the 48,500 level, said Gedia.
Shares of ICICI Bank Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., Reliance Industries Ltd., and Bajaj Finance Ltd. contributed the most to Nifty gains while those of HDFC Bank Ltd., NTPC Ltd., and JSW Steel Ltd. weighed on the index.
Gains were across sectors with Nifty PSU Bank, Nifty Realty, and Nifty Pharma jumping over 1%.
The broader markets outperformed their larger peers, with the S&P BSE Midcap rising 0.96% and the S&P BSE Smallcap gaining 1.37% through midday on Monday.
On BSE, all 20 sectors advanced with the S&P BSE Consumer Durables leading.
Market breadth was skewed in favour of buyers. On BSE, 2,663 stocks rose, 1,027 stocks declined, and 181 remained unchanged.
