The Indian equity benchmarks recovered from early losses and extended gains in noon deals led by gains in index heavyweights like Reliance Industries, Infosys, ITC, Kotak Mahindra Bank and HDFC Bank ahead of monthly expiry of November futures and option contracts. The Sensex rose as much as 664 points and Nifty 50 index touched an intraday high of 17,540.80 after hitting low of 17,351.70.
As of 1:23 pm, the Sensex was up 420 points at 58,761 and Nifty 50 index climbed 108 points to 17,523.
“Our research suggests that the levels of 16,700-17,000 may act as an important support level in the market. If the market sustains above the support of 16,700, we can expect it to trade in the range of 16,700-17,500,” said Likhita, senior research analyst at Capitalvia Global Research.
Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Auto index’s nearly 1 per cent decline. Nifty Bank, Financial Services, Metal, PSU Bank and Private Bank indexes also fell around 0.5 per cent.
On the other hand, Nifty Oil & Gas index was top sectoral gainer, up 1.4 per cent. Healthcare, pharma, Media, IT and Realty were witnessing a buying interest.
Mid- and small-cap shares were trading on a flat note as Nifty Midcap 100 index rose 0.1 per cent and Nifty Smallcap 100 index rose 0.2 per cent.
Reliance Industries was top Nifty gainer, the stock jumped as much as 6 per cent to hit an intraday high of Rs 2,495.95 after its Board decided to implement a scheme of arrangement to transfer Gasification Undertaking into a wholly-owned subsidiary.
Divi’s Labs, Infosys, ITC, Dr Reddy’s Labs, UPL, Tech Mahindra, HCL Technologies, Tata Consumer Products and Cipla also rose between 0.5-1 per cent.
On the flipside, NTPC, Indian Oil, ICICI Bank, Britannia Industries, Maruti Suzuki, Hero MotoCorp, Hindustan Unilever, Asian Paints, Hindalco, Axis Bank and IndusInd Bank were among the losers.
The overall market breadth was positive as 1,934 shares were advancing while 1,256 were declining on the BSE.