Sensex surges over 800 points in afternoon trade, Nifty Above 23,000; Axis Bank, HDFC Bank lead gains

Indian equity indices opened Tuesday’s trading session gap-up. The NSE Nifty 50 opened 111.25 points higher, or 0.49%, at 22,940.40, while the BSE Sensex rose 380.86 points, or 0.51%, to open at 75,747.03. As of 10:20 AM, Sensex surged by 357.43 points, or 0.47%, reaching 75,723.60, while the Nifty gained 50.10 points, up 0.22%, trading at 22,879.25.

As of 12:48 PM, the Sensex stood at 76,175.39, up by 809.22 points or 1.07%, while the Nifty 50 rose by 193.65 points, reaching 23,022.80, a gain of 0.85%.

Pain broader markets continue

The BSE Midcap and the BSE Small cap Indices continue to be under pressure and the market breadth slides to 2-year low. “The broader market, represented by the NSE500, now has 9% and 8% of its members trading above the 50- and the 100-day averages, which means the current decline is very mature and the risk of a short-covering based advance is very high,” said Akshay Chinchalkar, Head of Research, Axis Securities.

In the early trading hours, GIFT Nifty indicated a high start for domestic indices, NSE Nifty 50 and BSE Sensex, on Tuesday. It was trading 125 points or 0.55% higher at 22,935.

Sectoral indices

In today’s trading session, the Nifty Bank opened 518.15 points higher, or 1.08%, to trade at 48,582.80 The Nifty Midcap 100 gained 212.85 points, or 0.41%, to open at 52,008.75.

Similarly, the Nifty Midcap 50 opened higher by 46.80 points, or 0.32%, to trade at 14,473.85. The Nifty Smallcap 50 was trading at 7,789.30, up 11.40 points, or 0.15%.

Top gainers and losers

In the morning trading hours, the top gainers on the Sensex included Axis Bank, Bajaj Finance, Infosys, HDFC Bank, and ICICI Bank. On the other hand, the top losers were UltraTech Cement, PowerGrid, NTPC, M&M, and Sun Pharma.

The top gainers in the Nifty 50 were Shriram Finance, Wipro, Axis Bank, Infosys, and HDFC Bank. On the flip side, the top losers included Sun Pharma, Dr. Reddy’s, Cipla, M&M, and Grasim.

Monday recap

Previously, on Monday, the NSE Nifty 50 closed the session 263.05 points or 1.14% lower at 22,829.15, while the BSE Sensex declined 824.29 points or 1.08% to close at 75,366.17.