Nifty, Sensex Rebound After Opening Lower Led By HDFC Bank, TCS, Airtel: Midday Market Update
The Nifty and Sensex were trading 0.12% and 0.16% higher, respectively, as of 12:27 p.m.
India's benchmark stock indices rebounded by midday on Wednesday after opening lower, led by gains in HDFC Bank Ltd., Tata Consultancy Services Ltd., and Bharti Airtel Ltd.
As of 12:27 p.m., the NSE Nifty was trading 27.90 points, or 0.12%, higher at 22,481.20, and the S&P BSE Sensex gained 118.35 points, or 0.16%, to trade at 74,022.26.
The Nifty 50 fell to an intraday low of 22,346.50, and the Sensex touched a low of 73,540.27 so far in the day.
"For Nifty, support is foreseen around 22,325-22,375, with a robust buying zone around 22,175-22,250," said Shrey Jain, founder and chief executive at SAS Online.
"The broader market momentum is positive. The highest call OI has moved higher to a 22,700 strike, while on the downside, the highest put OI is at 22,300 for the weekly expiry," said Vikas Jain, senior research analyst at Reliance Securities.
HDFC Bank Ltd., Tata Consultancy Services Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and HCL Technologies Ltd. were contributing to the Nifty.
Reliance Industries Ltd., Larsen & Toubro Ltd., Kotak Mahindra Bank Ltd., Nestle India Ltd., and Bajaj Auto Ltd. were weighing on the index.
On NSE, six sectors advanced, and six declined. The NSE Nifty Media rose over 1% to become the top performer, and the NSE Nifty Realty index was the top loser.
Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.40% and the S&P BSE Smallcap gaining 1.08% through midday on Wednesday.
The NSE Nifty Midcap 150 index scaled to record high, led by gains in Mazagon Dock Shipbuilders Ltd., Fertilisers and Chemicals Travancore Ltd.
On BSE, 14 sectors advanced, and six declined. The S&P BSE IT index rose the most among sectoral indices to become the top performer, and the S&P BSE Realty sector fell the most.
Market breadth was skewed in favour of the buyers. Around 2,645 stocks advanced, 1,015 stocks declined, and 125 stocks remained unchanged on BSE.
