Sensex, Nifty Gain As HDFC Bank, Reliance Lead: Midday Market Update
As of 12.29 p.m., the Sensex rose 399 points or 0.61% to 66,054.17, while the Nifty 50 gained 122 points or 0.62% to 19,815.60.
India's benchmark stock indices rose through midday on Tuesday, led by gains in HDFC Bank Ltd. and Reliance Industries Ltd.
As of 12:29 p.m., the S&P BSE Sensex rose 399 points or 0.61% to 66,054.17, while the NSE Nifty 50 gained 122 points or 0.62% to 19,815.60.
So far in the day, the Nifty Midcap 150 and Smallcap 250 hit lifetime highs. Among sectoral indices, realty, metal and consumer durables advanced the most, while fast-moving consumer goods and public-sector banks faced pressure.
The index is moving sideways as of now and would need a decisive breach on either side of the 19,800 or 19,650 level for confirmation of a further directional move, according to Vaishali Parekh, vice president-technical research at Prabhudas Lilladher Pvt. "The support for the day is seen at 19,600, while the resistance is seen at 19,850."
"Upside may remain limited as investors await the minutes of the Federal Reserve's latest monetary policy meeting for additional clues on the outlook for rates," Avdhut Bagkar, technical and derivatives analyst at StoxBox, said.
Buying on intraday corrections and selling on rallies would be the ideal strategy for day traders, according to Shrikant Chouhan, head of equity research at Kotak Securities Ltd. "For bulls, the uptrend below 19,575 and 65,250 will be weak."
Asian stocks were steady on Tuesday, buoyed by extended gains in Wall Street and a $16 billion sale of 20-year Treasury notes that lured bond buyers.
Hong Kong's Hang Seng and South Korea's Kospi rose the most by 0.8% each. Indices in Japan also recovered after falling in early trade.
On Monday, the S&P 500 had its strongest close since August, and the Nasdaq 100 hit a 22-month high. Both Nvidia Corp., which will report quarterly results Tuesday, and Microsoft Corp. climbed to fresh peaks amid a revival of the artificial-intelligence bid. Shortly after the U.S. bond auction results on Monday, U.S. 10-year yields reversed course and fell to around 4.4%.
HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Adani Enterprises Ltd. and Titan Co. were positively adding to the Nifty.
Tech Mahindra Ltd., NTPC Ltd., Larsen & Toubro Ltd., Oil and Natural Gas Corp. and Coal India Ltd. were weighing on the index.
The broader markets outperformed their larger peers. The BSE Midcap was up 0.25%, while the BSE Smallcap was 0.42% higher.
Fourteen out of the 20 sectors compiled by BSE Ltd. advanced, while six sectors declined. BSE Realty rose the most.
The market breadth was skewed in the favour of the buyers. About 2,103 stocks rose, 1,460 declined, and 152 remained unchanged on the BSE.