The Indian equity benchmarks came off intraday highs in noon deals on the back of weakness in ICICI Bank, UltraTech Cement, ITC, Titan and Power Grid. The benchmarks staged a gap up opening wherein the Sensex rose as much as 452 points and Nifty 50 index touched an intraday high of 16,592. Small-sap shares were underperforming their larger peers as the Nifty Smallcap 100 index dropped over 1.5 per cent. Meanwhile, the European markets were trading higher with Germany’s DAX up 0.2 per cent, England’s FTSE 100 index rose 0.48 per cent and France’s CAC 40 index advanced 0.7 per cent.
As of 1:04 pm, the Sensex was up 176 points at 55,505 and Nifty 50 index rose 35 points to 16,485.
“16,350 is an important support level for Nifty in the short term, if the Nifty sustains above this level, we can expect the market to remain positive and gain momentum, leading to an upside projection till 16,700-16,750,” Gaurav Garg, head of research at CapitalVia Global Research told NDTV.
Eight of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index’s nearly 2 per cent gain. Pharma and Healthcare indexes rose 0.7 and 0.4 per cent each respectively.
On the other hand, Realty, Private Bank, Consumer Durables, Auto and Media indices were trading with a negative bias.
Mid- and small-cap shares were underperforming their larger peers as Nifty Midcap 100 index fell 0.44 per cent and Nifty Smallcap 100 index declined 1.6 per cent.
Nuvoco Vistas Corporation has made a weak debut on the bourses today i.e. August 23. The cement maker’s shares opened at Rs 471, a discount of 17.37 per cent compared to the issue price of Rs 570, on the BSE.
HCL Technologies was top Nifty gainer, the stock rose 3.8 per cent to Rs 1,159.70. Bajaj Finserv, Bajaj Finance, TCS, Wipro, Hindalco, Tech Mahindra, Divi’s Labs, Nestle India, Cipla and Sun Pharma also rose between 0.8-2.8 per cent.
On the flipside, Tata Consumer Products, Eicher Motors, Power Grid, Grasim Industries, UltraTech Cement, Mahindra & Mahindra, Titan, Shree Cements, Tata Motors and ICICI Bank were among the losers.
The overall market breadth was negative as 2,421 shares were declining while 756 were advancing on the BSE.
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