Sensex, Nifty Extend Gains As Banking, Auto Stocks Advance: Midday Market Update
At 12:04 p.m., the Sensex was up 346 points or 0.57% at 60,968.11 while the Nifty 50 was 100 points or 0.55% higher at 18,127.10.
India's benchmark indices extended gains by afternoon trade on Monday, led by advances in banking and auto stocks.
Globally markets remain upbeat after a key U.S. Fed official's comment alleviated fears of aggressive policy moves. The dollar weakened against most of its Asian counterparts and Japanese stocks climbed amid subdued trading on Monday, with many major centers in Asia closed for Lunar New Year celebrations.
As of 12:04 p.m., the S&P BSE Sensex was up 346 points or 0.57% at 60,968.11 while the NSE Nifty 50 was 100 points or 0.55% higher at 18,127.10.
Power Grid Corp of India Ltd., Sun Pharmaceutical Industries Ltd., Eicher Motors Ltd., Hindustan Unilever Ltd. and Hindalco Industries Ltd. were the top gainers in the gauge.
Whereas, UltraTech Cement Ltd., JSW Steel Ltd., NTPC Ltd., Grasim Industries Ltd. and Adani Ports and Special Economic Zone Ltd. and were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were mixed, with the S&P BSE MidCap gaining 0.28% while the S&P BSE SmallCap eased 0.15%.
Fourteen out of the 19 sectors compiled by BSE Ltd. advanced, while five declined in trade.
The market breadth was skewed in favour of the bulls. About 1,776 stocks rose, 1,692 declined, and 196 remained unchanged on the BSE.