Sensex, Nifty Rise As Banking Stocks Advance: Midday Market Update

The Sensex gained 0.60% to 59,556.42. The Nifty 50 gains 0.49% to 17,643.65.

Anjali Rai

21 Oct 2022, 01:23 PM IST

<div class="paragraphs"><p>Midday Market Update (Photo: <a href="https://unsplash.com/@nick604?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Nick Chong</a>/<a href="https://unsplash.com/s/photos/stock-market?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Unsplash</a>)</p></div>

Midday Market Update (Photo: Nick Chong/Unsplash)

India's stock benchmarks advanced, aided by broad based gains in banking, telecommunication, and financial services stocks.

The Sensex gained 0.60% to 59,556.42 on the BSE, while the Nifty 50 rose 0.49% to 17,643.65 on the NSE. Among Nifty 50 constituents, 27 stocks advanced while 23 declined.

Axis Bank Ltd., Oil and Natural Gas Corporation Ltd, Apollo Hospitals Enterprise Ltd., Kotak Mahindra Bank Ltd., and SBI Life Insurance Compan Ltd. were the top gainers on the Nifty 50, while Bajaj Finance Ltd., Asian Paints Ltd., Eicher Motors Ltd, Adani Ports & Special Economic Zone Ltd. and Hindalco Industries LTd. were the top losers.

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The broader indices underperformed their larger peers, with the mid cap losing 0.17% and the small cap gaining 0.06%. Eight of the 19 sectoral measures complied by the BSE Ltd. gained with bankex gaining the most, over 2%.

The market breadth is skewed in favour of the bulls. About 1,758 stocks rose, 1,525 fell and 144 remained unchanged.

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