During mid-day trading on Thursday, equity markets experienced moderate gains, with technology stocks playing a key role in driving the market higher despite ongoing selling pressure from foreign institutional investors (FIIs). The Sensex rose by 0.34 per cent to 76,662.15, gaining 257.16 points, while the Nifty 50 index increased by 0.4 per cent to 23,247.70, up 92.35 points.
Leading the market were technology stocks, with Wipro surging by 4.38 per cent and Tech Mahindra up by 1.78 per cent. Investor optimism was fueled by discussions around potential technology infrastructure developments and U.S. technological investments.
Market breadth showed a positive trend, with advancing stocks outnumbering declining ones. Out of 3,942 stocks traded on the Bombay Stock Exchange, 2,232 advanced while 1,551 declined. Additionally, 70 stocks hit 52-week highs and 73 touched 52-week lows, indicating mixed trading activity.
In terms of sectors, the Nifty Next 50 index rose by 0.97 per cent to 63,477.50, while the Nifty Midcap Select index climbed higher by 2.41 per cent to 12,205.10. However, banking indices faced some pressure, with the Nifty Bank index showing a marginal decline of 0.10 per cent to 48,674.10.
Top gainers included UltraTech Cement, which rose by 1.94 per cent, and Mahindra & Mahindra, up by 1.36 per cent. On the other hand, Hindustan Unilever saw a decline of 1.74 per cent, and Axis Bank dropped by 0.96 per cent.
Market analysts are closely monitoring key technical levels, with the 23,000 mark seen as a crucial support zone for the Nifty. Investors are cautiously positioning themselves ahead of upcoming quarterly earnings reports and the upcoming Union Budget presentation.
Broader market indicators suggest a selective investment approach, with investors balancing technology-driven opportunities with potential economic policy implications. The afternoon trading session reflects a balanced approach, combining optimism with prudent risk management.
