Midday Market Update: Sensex over above 650 points, Nifty adds 195; Telecom & pharma stocks lead

Indian equity markets remained on an upward trajectory during mid-day trading on Friday. By 12:30 PM, the Sensex surged 685.83 points (0.87 percent) to 79,729.57, while the Nifty climbed 195.05 points (0.82 percent) to 24,109.20, reflecting broad-based optimism.

Market breadth highlights resilience

The Bombay Stock Exchange (BSE) showcased a positive market breadth, with 2,015 stocks advancing, against 1,784 declines, out of a total of 3,953 traded stocks. Significantly, 173 stocks hit their 52-week highs, while only 17 stocks touched their 52-week lows, demonstrating selective participation in the ongoing rally.

Sectoral drivers: Telecom & pharma shine

Telecom and pharmaceutical stocks emerged as key contributors to market gains.

• Bharti Airtel led the pack, rallying 4.59 percent, driven by positive business outlook.

• Sun Pharma and Cipla added 3.09 percent and 2.82 percent respectively, boosting the pharma index.

• Tata Consumer Products rose 2.09 percent, while Mahindra & Mahindra advanced 1.95 percent.

Pressure on power and financial services

Despite the bullish sentiment, power and financial services stocks faced mild pressure:

• Power Grid and SBI Life Insurance declined by 1.89 percent each.

• HDFC Life slipped 0.72 percent, while Hero MotoCorp and State Bank of India fell 0.60 percent and 0.55 percent, respectively.

Sectoral indices show mixed performance

• The Nifty Next 50 rose 192.75 points (0.27 percent) to 70,447.00.

• The Nifty Midcap Select gained 45.85 points (0.37 percent) to 12,599.60.

• The Nifty Bank softened slightly by 29.55 points (0.06 percent) to 51,877.30, while the Nifty Financial Services gained a marginal 10.95 points (0.05 percent) to 23,930.55.

Investor takeaway

With markets open and dynamics unfolding, investors should stay vigilant about sector-specific movements. The afternoon session may provide more clarity on market sentiment and directional cues.