NIFTY50 and SENSEX trade in green, inches closer to all-time high, Broader market outperforms

On Tuesday, Indian equity benchmark indices began the day flat and thereafter, followed by a period of volatility that briefly pulled the NIFTY50 index below the 25,000 mark. However, indices soon recovered, rebounding from their intraday lows.

By mid-day, the indices were trading near their session highs. The NIFTY50 index is now within striking distance of its all-time high of 25,078.30, hit on August 1. At present, the NIFTY50 index has gained 40 points, trading at 25,050, while the SENSEX has risen by 126 points to reach the 81,822 level.

The Nifty Bank index is currently trading above its previous day’s high, outperforming the frontline indices with a gain of 168 points. The index has surged more than 1,700 points from its lows on August 14, with ICICI Bank and HDFC Bank being the primary drivers of this rally. Additionally, the India VIX, which measures market volatility, has eased from its intraday highs, currently down by 0.87%.

On the sectoral front, most indices traded in the green, with Nifty Media (+0.70%) leading the gains followed by Nifty Financial Services (+0.62%). However, there was some profit booking in Nifty FMCG (-0.8%) and Nifty Metal (-0.3%).

The Broader markets were particularly buoyant, outperforming the major indices. The Nifty Smallcap 100 and Nifty Midcap 100 gained 0.35% and 0.78%, respectively. The market breadth was in favour of advances, with 1,453 stocks gaining compared to 854 declining.