Stock market at day’s high with Nifty around 11,600; auto, realty stocks gain

The domestic stock market indices moved higher in Wednesday’s noon deals after spending majority of the session range-bound.

Sensex gained 200 points at 39,250 levels and the Nifty50 index was surpassed the 11,550-mark. Mahindra & Mahindra (up 5%) was the top Sensex gainer, followed by Bajaj Auto (up 3%). Besides, HDFC Bank, Sun Pharma, and Reliance Industries also climbed 1 per cent each.

Meanwhile, total cases of the novel coronavirus in India surged past 5 million on Wednesday, with a single-day jump of 90,123 infections, according to health ministry data.

Separately, government data on Tuesday showed India posted a trade deficit of $6.77 billion in goods in August, higher than the $4.83 billion deficit posted in July.

“Trade deficit data is slightly disappointing… investors are now waiting for some clear-cut signals so that the next wave of buying can emerge,” Gandhi added.

Conglomerate Reliance Industries Ltd was the top boost to the Nifty, rising as much as 2.2% to a record high.

The Nifty Auto index rose 1.95%. Mahindra and Mahindra Ltd jumped as much as 5.9% and was among the top boosts to the Nifty 50.

The Nifty Bank Index fell 0.20%, with ICICI Bank Ltd and Axis Bank Ltd being among the top drags on the Nifty 50. 

(With inputs from Reuters)