Sensex, Nifty Set To Extend Winning Streak For Third Week In A Row: Mid-Day Market Update
India's stock benchmarks are set to extend their winning streak for the third week in a row, led by information technology, telecom, banking and metal stocks.
The Sensex rose 80 points or 0.14% to 58,380.74, off the day's high of 58,649.19, as of 1 p.m. on Friday. The Nifty 50 advanced to 17,400.
Among the Nifty 50 constituents, 28 stocks gained, while 22 fell.
UltraTech Cement Ltd., HDFC Life Insurance Co., ICICI Bank Ltd., Shree Cement Ltd., and Bharti Airtel Ltd. were among the top gainers.
Auto and consumer durables stocks declined during the mid-day trade.
The broader indices outperformed their larger peers. The mid cap index gained 0.25%, while the small-cap gauge rose 0.6%. Twelve of the 19 sectoral indices compiled by the BSE rose, with telecom jumping 1.3%.
The market breadth was skewed in favour of the bulls as 1,939 stocks rose, 1,290 fell and 164 remained unchanged.
This comes on a day the Reserve Bank of India's Monetary Policy Committee hiked repo rate by 50 basis points as part of its ongoing efforts to quell inflation.