Midday Trade Update: Nifty Up 0.5%, Sensex Jumps Nearly 500 Points as Banks Lead Market Recovery
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At 12:00 pm, the Sensex was up 484.07 points, or 0.63 per cent, at 77,539.01, while the Nifty 50 gained 132.40 points, or 0.55 per cent, to trade at 24,184.70.
✨ Key Takeaways
Indian equities traded with a bullish bias on Wednesday, recovering from the previous session’s decline as strong buying in Banking and financial shares lifted the benchmarks. At 12:00 pm, the Sensex was up 484.07 points, or 0.63 per cent, at 77,539.01, while the Nifty 50 gained 132.40 points, or 0.55 per cent, to trade at 24,184.70.
The broader market remained stronger than the frontline indices. The Nifty Smallcap 100 advanced 1.04 per cent, while the Nifty Midcap 100 gained 0.49 per cent. The Nifty Bank climbed around 1.06 per cent and moved above the 58,000 mark, reflecting broad-based buying across private and public sector lenders.
PSU banks were at the centre of the rally, with the Nifty PSU Bank index rising 1.17 per cent. The Nifty Private Bank index added 1.13 per cent, while the Nifty Oil and Gas index gained 0.99 per cent. Expectations of steady interest rates, moderating credit costs and improving balance sheets supported financial stocks ahead of the latest quarterly earnings announcements.
On the other side, Nifty FMCG, Nifty IT and Nifty Metal traded in negative territory. IT shares remained under pressure after IBM projected lower-than-expected quarterly revenue, which weighed on sentiment across technology counters. The Nifty IT index was down around 0.2 per cent earlier in the session.
Stock-specific action remained sharp. Ather Energy surged around 9 per cent and touched a record high after Hero MotoCorp approved an investment of up to Rs 1,000 crore in the electric two-wheeler company. KEC International gained 4.6 per cent after securing new orders worth approximately Rs 1,180 crore.
L&T Technology Services jumped nearly 6.7 per cent after its quarterly net profit rose 13 per cent year-on-year to Rs 356.6 crore, prompting several brokerages to revise their target prices. Tata Elxsi, however, declined about 5 per cent after reporting a quarterly net profit of Rs 171 crore against the Street estimate of Rs 201 crore, along with concerns over margins.
Institutional data for the current session will be available after market hours. In the previous session on July 14, FIIs were net sellers of shares worth Rs 739.69 crore, while DIIs purchased equities worth a net Rs 2,927.71 crore, providing a strong domestic liquidity cushion.
Global cues were supportive after the US S&P 500 gained 0.38 per cent and the Nasdaq advanced 0.90 per cent following softer inflation data. Asian markets also traded higher. However, Brent crude rose 1.72 per cent to around USD 86.19 per barrel amid continuing US-Iran tensions, limiting some of the domestic market’s gains.
The Nifty’s immediate test remains the 24,200 to 24,250 zone. Sustained trading above this range could bring 24,300 into focus, while 24,000 remains the nearest support. Investors will track crude oil, geopolitical developments and earnings from HDFC Life, HDFC AMC, HDB Financial, ICICI Lombard, Angel One and Union Bank for the next directional move.
Market movements can change quickly during a live session, and the figures above reflect the position around noon.
Disclaimer: The article is for informational purposes only and not investment advice.