The Indian stock market saw a positive start to the mid-session, with the NIFTY50 and SENSEX rising 0.5% higher. Several leading stocks contributed to the gains, including HDFC Bank, ICICI Bank, and Reliance. The Sensex rose by 340 points, with the NIFTY near 23,750. Maruti Suzuki and Mahindra & Mahindra (M&M) were among the top gainers.
The gains were led by the financial services sector, which rose 1.2%. The Indian benchmark VIX, a measure of market volatility, rose 1.7%. The GIFT NIFTY, a gauge of the broader market, fell 40 points. Despite some caution due to the ongoing COVID-19 pandemic, the markets opened strong, with investors hopeful of a strong economic recovery. The uptick was driven by positive sentiments in the banking and financial sectors, as well as a pickup in global markets. The Indian rupee also strengthened versus the US dollar. Overall, the mid-session report indicated a modest but positive mood in the Indian stock market.