Equity benchmarks maintained their positive momentum in afternoon trade on Friday, with both Sensex and Nifty extending gains amid strong performance from auto and banking stocks. The BSE Sensex traded at 78,788.13, up 315.65 points or 0.40 per cent from its previous close, while the NSE Nifty rose 96.15 points or 0.4 per cent to 23,846.35 around 12.35 PM.

The market breadth remained slightly negative, with 1,934 stocks declining compared to 1,893 advances on the BSE. Trading activity showed moderate intensity, with 3,972 stocks being traded, while 144 stocks reached their 52-week highs and 63 touched their 52-week lows.

IndusInd Bank emerged as the top gainer among Nifty constituents, rising 2.82 per cent, followed by Mahindra & Mahindra at 2.70 per cent. Dr. Reddy’s Laboratories gained 2.20 per cent, while auto stocks continued their strong performance with Tata Motors and Bajaj Auto advancing 1.95 per cent and 1.71 per cent respectively.

On the downside, Bharat Electronics Limited led the losses with a 1.03 per cent decline, followed by Oil and Natural Gas Corporation dropping 0.98 per cent. Hindalco Industries fell 0.95 per cent, while Coal India and Hero MotoCorp declined by 0.75 per cent and 0.73 per cent respectively.

Sectoral performance showed mixed trends, with the Nifty Bank index trading higher by 156.75 points or 0.31 per cent at 51,327.45. The Nifty Financial Services index also posted gains, rising 56.25 points or 0.24 per cent to 23,800.05. However, the Nifty Next 50 index showed weakness, declining 274.45 points or 0.40 per cent to 68,891.40.

Market dynamics revealed 200 stocks hitting their upper circuit limits while 295 stocks touched their lower circuits, indicating mixed sentiment among investors. The Nifty Midcap Select index traded lower by 16.00 points or 0.13 per cent at 12,775.65.

The market had started the day on a strong note, with early gains driven by auto stocks and positive expectations surrounding potential income tax cuts in the upcoming budget. However, the indices moderated from their opening levels as trading progressed through the session.