India’s equity benchmarks were driven by rising index giants such as Reliance Industries, Infosys, ITC, Kotak Mahindra Bank and HDFC Bank ahead of the monthly expiration of futures and options contracts in November, leading to early noon trading. Recovered from losses and widespread rise. The Sensex rose 664 points, with the Nifty 50 index hitting a low of 17,351.70 and then hitting a midday high of 17,540.80.
As of 1:23 pm, the Sensex rose 420 points to 58,761, and the Nifty 50 Index rose 108 points to 17,523.
“According to our research, levels of 16,700 to 17,000 may serve as important support levels for the market. If the market exceeds 16,700 support, we expect to trade in the range of 16,700 to 17,500. You can, “says Likhita. Senior Research Analyst at Capital Via Global Research.
Eight of the 15 sector gauges created by the National Stock Exchange fell, driven by a nearly 1% drop in the Nifty Auto Index. Indexes for Nifty Bank, Financial Services, Metals, PSU Banks and Private Banks also fell by about 0.5%.
On the other hand, the Nifty Oil & Gas index rose 1.4%, the highest rate of increase by sector. Healthcare, pharmaceuticals, media, IT and real estate have witnessed a willingness to buy.
Medium and small caps were trading flat as the Nifty Midcap 100 Index rose 0.1% and the Nifty Smallcap 100 Index rose 0.2%.
Reliance Industries is Nifty’s top winner, with stocks soaring 6% to a daytime high after the board decided to implement a scheme of arrangements to transfer the gasification business to a wholly owned subsidiary. It reached 2,495.95 rupees.
Divi’s Labs, Infosys, ITC, Dr Reddy’s Labs, UPL, Tech Mahindra, HCL Technologies, Tata Consumer Products and Cipla also rose 0.5-1%.
Conversely, NTPC, Indian Oil, ICICI Bank, Britannia Industries, Maruti Suzuki, Hero MotoCorp, Hindustan Unileaver, Asian Paint, Hindalco, Axis Bank and IndusInd Bank were the losers.
The overall market width was positive as 1,934 shares rose and 1,256 shares fell in BSE.