Sensex, Nifty Log Steady Gains As I.T., FMCG Stocks Advance: Midday Market Wrap

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Indian equity benchmarks held on to steady gains and advanced in trade on Tuesday after the CPI inflation rose to 6.5% in January.

Asian markets climbed ahead of the key U.S. inflation data after a drop in wage-growth expectations eased some of the concern over rising prices.

Futures for the S&P 500 and tech-heavy Nasdaq 100 slipped after the indexes added more than 1% on Monday, when a survey showed Americans drastically reduced their expectations for household income growth amid tighter monetary policy.

In India, retail inflation rose to the highest since November at 6.52% in January, led by a pick-up in food prices on Monday after market hours.

As of 12:17 p.m., the S&P BSE Sensex was up 504 points, or 0.83%, at 60,935.71, while the NSE Nifty 50 was 128 points, or 0.72%, higher at 17,898.60.

UPL Ltd., HCL Technologies Ltd., ITC Ltd., Tech Mahindra Ltd., and Reliance Industries Ltd. were the top gainers in the gauge.

Adani Enterprises Ltd., NTPC Ltd., SBI Life Insurance Co., Power Grid Corp. of India Ltd., and Apollo Hospitals Enterprise Ltd. were the top losers amongst the NSE Nifty 50 constituents.

The broader market indices were trading lower and underperforming their larger peers; S&P BSE MidCap was down 0.43%, whereas S&P BSE SmallCap was lower by 0.50%.

Nine out of the 19 sectors compiled by BSE declined, while ten advanced in trade.

The market’s breadth was skewed in favour of bears. About 1,229 stocks rose, 2,076 declined, and 142 remained unchanged on the BSE.



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