India’s equity benchmark expanded profits on noon trading, driven by strong buying motivation for major banks and financial services such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Bajaji Finance and State Bank of India. The Sensex rose 277 points and the Nifty 50 approached its key psychological level of 17,600. The benchmark started with a flat note in a mix of global clues.
As of 12:45 pm, the Sensex rose 22 points to 58,888 and the Nifty50 index rose 82 points to 17,585.
Ten of the 15 sector gauges created by the National Stock Exchange were trading at high prices, driven by a 1.7% rise in the Nifty PSU Bank Index. Private banks, media, banks, financial services, real estate and oil and gas indexes were also trading at a rise of over 1%.
The Nifty Energy Index has risen by 1.45%. The focus was on oil prices after India announced that it would sell 5 million barrels to the Mangalore refinery, petrochemical company and Hindustan oil company.
Meanwhile, the share of healthcare, pharmaceutical information technology, automotive and FMCG is facing mild sales pressure.
With the Nifty Midcap 100 index up 0.7% and the Nifty Smallcap 100 index up 1.5%, mid-cap and small cap stocks outperformed their larger peers.
Telecom giant Bharti Airtel surged 3.02% to a record high. Meanwhile, Vodafone Idea rose 5.19%, hitting a high for more than a month following the announcement of tariff increases.
ONGC is Nifty’s top winner, with its share price rising 5% to Rs 155.
Adani Port, ICICI Bank, Coal India, Bharat Oil, Indian Oil, Power Grid, Bajaj Finance and Kotak Mahindra Bank also rose 2-5%.
Meanwhile, Multi Suzuki, Tech Mahindra, Infosys, Cipla, Tata Consumer Products, Divis Labs, Grasim Industries, Aisher Motors, Sun Pharma, Mahindra & Mahindra were the losers.
The overall market width was positive as 834 shares were up at 2,342 while they were down at BSE.