Mumbai: Healthy buying in financial sector stocks lifted the key Indian equity markets during the mid-afternoon trade session on Monday.
Accordingly, the Indian markets opened flat and began to rise post noon.
The two key indices — NSE Nifty50 and S&P BSE Sensex — reached intra-day highs around 1.30 p.m. but subsequently corrected.
Amongst sectors, healthy buying was witnessed in “Financials, FMCG, Healthcare, Telecom and Oil & Gas” stocks, whereas realty and consumer durables scrips corrected.
Consequently, the NSE Nifty50 stood at 13,326.90 around 2.45 p.m., up by 68.35 points, or 0.52 per cent, from its previous close.
Sensex was trading at 45,349.79, higher by 270.24 points, or 0.60 per cent, from the previous close of 45,079.55.
“Market volumes are in line with recent averages. Asian and European markets are up despite a report that the US is preparing to slap sanctions on a dozen more Chinese officials, ratcheting up tensions with Beijing,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Hopes of an early passage of US fiscal stimulus bill have kept sentiments up. Nifty continues its gradual uptrend and stock or sector rotation continues.”