Indian equity benchmarks recovered from early losses and extended gains in afternoon trades led by gains in index heavyweights such as Reliance Industries, Infosys, ITC, Kotak Mahindra Bank and HDFC Bank ahead of the monthly expiry of November futures and options contracts. The Sensex rose up to 664 points and the Nifty 50 index touched a high of 17,540.80, hitting a low of 17,351.70.
By 1:23 pm, the Sensex was up 420 points at 58,761 and the Nifty 50 index rose 108 points to 17,523.
“Our research suggests that the 16,700-17,000 levels can act as an important support level in the market. If the market holds above the 16,700 support, we can expect to trade in the 16,700-17,500 range. Likhita, Senior Research Analyst at CapitalVia Global Research.
Eight of the 15 sector gauges compiled by the National Stock Exchange were trading led by the Nifty Auto index falling nearly 1 per cent. Nifty Bank, Financial Services, Metal, PSU Bank and Private Bank indices also fell around 0.5 per cent.
On the other hand, Nifty Oil and Gas Index was the top gainer with a gain of 1.4 per cent. Buying interest was witnessed in healthcare, pharma, media, IT and realty.
Mid- and small-cap stocks 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 the top Nifty topper, the stock jumped 6 per cent to hit a high of Rs 2,495.95 after its board decided to implement a plan of arrangement to transfer the gasification undertaking to a wholly owned subsidiary.
Divi’s Labs, Infosys, ITC, Dr Reddy’s Labs, UPL, Tech Mahindra, HCL Technologies, Tata Consumer Products and Cipla also gained 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 the losers.
Overall market breadth was positive as 1,934 stocks were leading while 1,256 were falling on the BSE.