ICICI Bank, SBI, HDFC Bank, Eicher Motors and ITC are the positive contributors to the Nifty.
The benchmark indices are hovering near their record high in the afternoon session led by PSU banking stocks.
The Sensex is up 125 points at 36,983, and the Nifty up 33.20 points at 11,165.
Shares of Ambuja Cements gained 7.6 percent intraday Thursday as company posted strong numbers in the quarter ended June 2018.
The company’s Q2 standalone profit rose 27.3 percent to Rs 499 crore and revenue increases 5.7 percent to Rs 3,016.9 crore.
The Competition Commission of India (CCI) had imposed a penalty of Rs 1163.91 crore on Ambuja Cements. On appeal by the company, the National
Company Law Appellate Tribunal (NCLAT) in its order passed on Wednesday has upheld the said order.
Nifty PSU bank index rose 4.5 percent led by Syndicate Bank (up 6%), Canara Bank (up 6%), Bank of India (up 4%), Bank of Baroda (up 4.5%), SBI (up 5%) and PNB (up 2.5%).
ICICI Bank, SBI, HDFC Bank, Eicher Motors and ITC are the positive contributors to the Nifty.
Midcaps have outperform the benchmark indices led by Bank of India, Bharat Forge, GE T&D India, Havells India, Indian Bank, M&M Financial, Petronet LNG and Ramco Cements.
50 stocks have hit fresh 52-week low including Diamond Power, Jagran Prakashan, Gayatri Highways, Alchemist, Jaypee Infratech, Hanung Toys and Gammon Infrastructure.
The breadth of the market favoured declines, with 940 stocks advancing, 706 declining and 417 remaining unchanged. On BSE, 1303 stocks advanced, 953 declined and 113 remained unchanged.
