The Indian equity benchmarks extended gains in noon deals led by gains in heavyweights like Infosys, Tata Consultancy Services, Reliance Industries, HDFC, Tech Mahindra, Bharti Airtel and Bajaj Finance. The Sensex rose as much as 641 points and Nifty 50 index reclaimed its important psychological level of 18,050 ahead of retail inflation data due later in the day.
As of 1:52 pm, the Sensex was up 596 points at 60,516 and Nifty 50 index climbed 175 points to 18,048.
October retail inflation report is due at 5:30 pm on Friday, with a Reuters poll forecasting it likely hovered near a six-month low, which would give the central bank room to stay pat on interest rates for now.
The market breadth in the Nifty 50 basket was extremely positive as forty one out of 50 shares were trading higher.
Buying was visible across board as nine of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index’s 1.61 per cent gain. Nifty Realty, Oil & Gas and Financial Services indices also rose between 0.7-1.2 per cent.
On the other hand, Nifty Media and PSU Bank indexes were trading marginally lower.
Mid- and small-cap shares were underperforming their larger peers as Nifty Midcap 100 index advanced 0.3 per cent and Nifty Smallcap 100 index rose 0.14 per cent.
Shares of Fino Payments Bank made a weak stock market debut on Friday as the stock opened for trading at Rs 544 on the National Stock Exchange compared with its issue price of Rs 577 per share, marking a discount of nearly 6 per cent, data from stock exchange showed.
Tech Mahindra was top Nifty gainer, the stock rose nearly 4 per cent to Rs 1,581. Hindalco, Adani Ports, Infosys, HDFC Life, Wipro, HDFC, Asian Paints, Bharti Airtel, SBI Life and Reliance Industries also rose between 1.5-1.5 per cent.
On the flipside, Bajaj Auto, Tata Steel, NTPC, Hero MotoCorp, Axis Bank, Power Grid and Indian Oil were among the notable losers.
The overall market breadth was neutral as 1,639 shares were advancing while 1,612 were declining on the BSE.