The Indian equity benchmarks came off intraday low levels in noon deals on the back of buying interest in Reliance Industries, Larsen & Toubro, ICICI Bank, ITC, Asian Paints and Bajaj Finance. The Sensex rose as much as 549 points from the day’s lowest level and Nifty 50 index moved above 17,500 after hitting low of 17,380. The markets are likely to fluctuate between gains and losses owing to weekly expiry of index futures and option contracts due later in the day, analysts said.
As of 1:01 pm, the Sensex was up 189 point at 58,838 and Nifty 50 index advanced 45 points to 17,515.
“Worries on the inflation front are definitely weighing on the banking stocks today, considering they could react sharply to inflation data,” Gaurav Garg, head of research at CapitalVia Global Research told news agency Reuters.
Nine of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Consumer Durables index’s 0.3 per cent decline. Nifty Bank, Private Bank, Realty, IT and Financial Services indices were also trading lower.
On the other hand, Oil & Gas, Metal, Media and PSU Bank shares were witnessing buying interest.
Reliance Industries was top Nifty gainer, the stock rose over 2 per cent to Rs 2,472. Larsen & Toubro, Asian Paints, ITC, Adani Ports, UPL, ICICI Bank, Bajaj Finance and Bharat Petroleum were also among the gainers.
On the flipside, Titan, HDFC Bank, Nestle India, Divi’s Labs, Kotak Mahindra Bank, SBI Life, NTPC, Power Grid, TCS, Cipla, HCL Technologies, Eicher Motors and JSW Steel were among the laggards.
The overall market breadth was positive as 2,136 shares were advancing while 1,063 were declining on the BSE.