The benchmark indices have retained momentum in noon trading, despite concerns over rising covid-19 cases in the country, thanks to strength across the global bourses. At 2:05 pm, the BSE Sensex was at 48,442.72, higher by 543.05 points or 1.14 per cent and the NSE Nifty was at 14,495.55, up 154.55 points or 1 per cent. The broader markets are moving in tandem with benchmark indices, with the BSE Midcap and BSE Smallcap indices gaining around a per cent each. All the BSE sectoral indices are trading in the green, with the exception of the pharma space. Banking and metal counters are adding strength to the markets.
The European markets, including the FTSE, DAX and CAC have registered modest gains at opening bell and the Asian markets are also trading largely in the positive.
Meanwhile, the rupee rose against the US dollar in mi-day trading, tracking gains in domestic equity markets. The rupee advanced by 24 paise to 74.77 against the US dollar.
On the corporate earnings front, Tech Mahindra, HDFC Life Insurance Company and SBI Cards and Payment Services will declare their March quarter earnings during the day.
Banking shares are going strong, with ICICI Bank, Axis Bank, SBI and Kotak Mahindra Bank gaining 1.4 per cent to 4.4 per cent each on the BSE. Select metal shares are also seeing buying interest, with Tata Steel and JSW Steel adding around 3 per cent each. And Reliance Industries has strengthened by 2.1 per cent on the news that production has started at the second gas field in the KG D6 Block.
On the other hand, HCL Tech, Cipla and Britannia have shed around 3 per cent each on the BSE.