Sensex, Nifty Hold Gains After Volatile Trade In First Half: Midday Market Update
As of 12:43 p.m., the S&P BSE Sensex was up 0.25% at 60,281.82, while the NSE Nifty 50 was higher by 0.18% at 17,801.85.
Indian equity benchmarks recovered early losses to edge higher in Wednesday afternoon trading. While realty and capital goods led the gains, pharma and metal stocks declined.
The benchmark indices rose to their highest levels since April 17, as Nifty surpassed the 17,800-mark and Sensex was above 60,200 level.
Asian markets headed for their lowest close in a month, hit by renewed concerns about a global banking crisis. Contracts for European shares declined.
A selloff in Chinese stocks showed signs of easing, as focus shifted toward potential fresh policy support from Beijing. The benchmark CSI 300 gained 0.2%, while the MSCI gauge of Chinese shares climbed 1.2%, after a six-day loss.
U.S. stock futures recovered from Tuesday’s loss, following better-than-expected earnings from Microsoft Corp. and Alphabet Inc., after markets closed in New York. The S&P 500 had slid 1.6% and the Nasdaq 100 ended 1.9% lower, on Tuesday.
As of 12:43 p.m., the S&P BSE Sensex was up 151 points or 0.25% at 60,281.82, while the NSE Nifty 50 was higher by 33 points or 0.18% at 17,801.85.
IndusInd Bank Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., Power Grid Corp of India Ltd. and Tata Consultancy Services Ltd. were positively adding to the change.
Whereas, Hindalco Industries Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., Reliance Industries Ltd., and JSW Steel Ltd. were weighing the Nifty down.
Adani Group company stocks traded mixed, with Ambuja Cements Ltd., ACC Ltd., Adani Power Ltd., and Adani Enterprises Ltd. rising, and all other group stocks declining.
The broader market indices were trading marginally higher; S&P BSE MidCap was up by 0.18%, whereas S&P BSE SmallCap was higher by 0.36%.
Five out of the 20 sectors compiled by BSE declined, while 15 sectors advanced in trade, with S&P BSE Realty and S&P BSE Capital Goods gaining the most.
The market breadth was skewed in the favour of buyers. About 1,897 stocks rose, 1,437 declined, and 137 remained unchanged on the BSE.