Sensex, Nifty Pare Morning Gains; HUL, Airtel, Reliance Advance: Midday Market Update
As of 12:11 p.m., Sensex was up 206 points or 0.36% at 58,105.85 while the Nifty was 68 points or 0.40% higher at 17,110.85.
Indian equity benchmarks rose in trade through midday following positive global cues on Wednesday.
U.S. and European equity futures swung between small gains and losses, while Asian stocks climbed as investors wagered that the worst of the global fallout from the American banking sector has passed.
Financials were among the biggest gainers Wednesday in Tokyo and Hong Kong, where the Hang Seng Index rose more than 1%. U.S. stocks rallied during the close on Tuesday, helping set the scene for the shift in sentiment in Asia.
As of 12:11, S&P BSE Sensex was up 206 points or 0.36% at 58,105.85 while the NSE Nifty 50 was 68 points or 0.40% higher at 17,110.85.
Asian Paints Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro Ltd, and Tata Steel Ltd. were weighing down Nifty 50.
Whereas, Axis Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., Nestle India Ltd., and Reliance Industries Ltd. were contribute to the gains.
Adani Group stocks were mixed in trade as Adani Green Energy Ltd., Adani Ports and SEZ Ltd., Adani Enterprises Ltd., Adani Wilmar Ltd. and Ambuja Cements Ltd. advanced, while the other stocks declined.
The broader market indices were trading higher; S&P BSE MidCap was up 0.66% whereas S&P BSE SmallCap was higher by 0.81%.
Fourteen out of the 19 sectors compiled by BSE advanced while S&P BSE Energy, S&P BSE Telecommunication and S&P BSE Fast Moving Consumer Goods declined in trade.
The market breadth was skewed in favour of the buyers. About 2,122 stocks rose, 1,200 declined, and 129 remained unchanged on the BSE.