The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in noon deals led by buying interest in auto, information technology and metal shares. The equity benchmarks opened higher tracking gains in other Asian markets which gained on hopes that another flood of US stimulus would cushion the global impact of renewed coronavirus outbreaks. However, buying in heavyweights like Reliance Industries, TCS, Kotak Mahindra Bank, Maruti Suzuki and HDFC helped benchmarks extend gains in noon trading.
As of 12:22 pm, the Sensex was up 332 points at 38,267 and Nifty climbed 100 points to 11,232.
“Markets have gained strength on the back of better-than-expected June quarter earnings and easy liquidity,” analysts said.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Auto index’s 2.6 per cent gain. Information technology, metal, pharma, FMCG and realty shares were also witnessing buying interest.
On the other hand, media and PSU banking shares were facing selling pressure.
Mid- and small-cap shares were witnessing buying interest as the Nifty Midcap 100 index rose 0.7 per cent and Nifty Smallcap 100 index rose 1.12 per cent.
Tech Mahindra was among the top percentage gainers in the Nifty. The shares jumped as much as 2.8 per cent to Rs 683.30 on the NSE, a day after the IT major reported a 20.95 per cent rise in net profit to Rs 972.3 crore in the quarter ended June 30. The stock had touched a high of Rs 702.75 earlier in the day.
Hero MotoCorp, IndusInd Bank, Bajaj Auto, Maruti Suzuki, TCS, Adani Ports, Tata Motors and Hindalco were also among the gainers.
On the flipside, ICICI Bank, Zee Entertainment, Bharti Infratel, ONGC, Asian Paints, Power Grid and NTPC were among the losers.