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Benchmark indices, were trading half a per cent higher during the afternoon on Monday.
Market opened on a weak note amid mixed global cues and remained volatile in the first half. Indices were dragged by pharma and private bank stocks, owing to IndusInd Bank. Gains were led by IT, consumer durables, auto and oil & gas stocks.
At 1 pm, the BSE Sensex was trading at 60,365.65, up 298.03 points or 0.50 per cent. It recorded an intraday high of 60,434.38 and a low of 59,779.19. The Nifty 50 was trading at 18,011, up 94.20 points or 0.53 per cent. It recorded an intraday high of 18,040.20 and a low of 17,836.10.
Positive macro data and higher festive season sales numbers as per data published by the Confederation of All India Traders supported market sentiments. However, valuation concerns remain.
Titan, Ultratech Cement, IOC, Bajaj Finserv and Tech Mahindra were the top gainers on the Nifty 50 while IndusInd Bank, Divi’s Lab, State Bank of India, Hindalco and Mahindra & Mahindra were the top laggards.
IndusInd Bank was down 10 per cent despite clarification on allegations of loan evergreening.
Private bank stocks, pharma under pressure
On the sectoral front, IT, consumer durables and realty gained focus as pharma and private bank stocks dragged.
Nifty IT was up 1.29 per cent while Nifty Consumer Durables was up 2.14 per cent. Nifty Realty was up 1.27 per cent. Auto and oil & gas stock also gained with Nifty Auto up 0.92 per cent and Nifty Oil & Gas up 0.91 per cent.
Meanwhile, Nifty Bank was down 0.83 per cent and Nifty Private Bank was down 1.30 per cent. Nifty Pharma and Nifty Healthcare Index were down 1.25 per cent and 1.23 per cent, respectively.
Broader indices
Broader indices were also in the green.
Nifty Midcap 50 was up 1.29 per cent while Nifty Smallcap 50 was up 0.20 per cent. The S&P BSE Midcap was up 0.88 per cent while the S&P BSE Smallcap was up 0.55 per cent.
The volatility index rose 3.20 per cent to 16.25.
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