Oil & gas exploration, realty, pharma, cement, FMCG and banking stocks supported the markets and helped the indices close higher.
The BSE Sensex shut shop at 17,701.13, up 14.89 points and the Nifty was up 3.90 points, to end at 5,281.80.
However, selling in technology, metal, capital goods and select auto stocks dragged on the markets.
Nifty rangebound; Maruti, Hindalco, TCS, Wipro dip
Cipla surged 4.80 per cent and Tata Power was up 3.94 per cent. Grasim, DLF, M&M and Reliance Industries up by 1.4 to 2.8 per cent were the other top gainers.
On the losing side were Maruti Suzuki and Hindalco down over 3 per cent, TCS, Wipro and Jaiprakash Associates down 1.7 to 2.3 per cent.
Among the midcaps, Tata Investment Corp, BOC India, Mcleod Russel, Financial Tech and Phoenix Mills gained 5 to 9.6 per cent while HT Media, OnMobile Global, Apollo Hospital, Apollo Tyres and Jai Corp dipped 3 to 3.8 per cent.
In the smallcap arena, Electrotherm was up 15%. NESCO, Ushdev Int and Ruchinfra were up 10 to 12 per cent, while Rollatainers, MVL, Entegra, Dolphin Offshore and SREI Infra slipped 4 to 5 per cent.
3: 06 PM
Benchmarks flat; sell-off in IT, auto continues
Nifty is marginally in green but is trading flat, after breaking the 5300 mark early in the session. Selling continued in IT and auto stocks. However, buying was seen in pharma, Oil & Gas and power stocks.
Continuing to outperform the benchmarks, the broader BSE Midcap and Smallcap were up 0.8 per cent each.
At 12: 49 pm, Sensex was up 3.58 points or 0.02 per cent at 17689.82, and the Nifty was up 4.15 points or 0.08 per cent at 5282.05.
The largecap gainers were Grasim, Tata Power, Reliance Inds, ICICI Bank and Mahindra and Mahindra up, 1 to 2.5 per cent.
However, Maruti Suzuki, Wipro, Hindalco, Infosys and TCS fell 1 to 3 per cent.
Heavyweight Hindustan Lever was trading at Rs 264.40 up 0.27 per cent. Reliance was trading at Rs 1,086.00 up 1.54 per cent. Tech major, Infosys was trading at Rs 2,582.00 down 1.45 per cent.
ITC was trading at Rs 254.25 down 0.7 per cent. HPCL was trading at Rs 387.00 down 3.24 per cent.
The top midcap gainers were Tata Inv Corp, BOC India, Mcleod Russel, Phoenix Mills and KGN Industries were up 5 to 12 per cent, while OnMobile Global, HT Media, Godrej Inds, Apollo Hospital and Jai Corp dipped 2 to 4 per cent.
In the smallcap arena, Electrotherm, Cranes Software, Ruchinfra, Aditya Birla and Network 18 gained 9 to 15 per cent, Rollatainers, Entegra, Dhanuka Agritec, Advani Hotels and Jai Balaji Ind lost 3 to 5 per cent.
1: 31 PM
Sell-off in IT, realty, metal weigh on benchmarks
After opening higher, Sensex retreated and is reeling under consolidation. Nifty too followed the same suit, unable to hold the 5300 mark.
At 10: 10 am, BSE Sensex was trading at 17,661, down 24 points and NSE Nifty was at 5,267, down 10 points.
The sell-off in technology, capital goods, realty, metal and select auto stocks weighed on the markets dragging the indices down.
In the capital goods space, BHEL was down 0.92 per cent and L&T dipped 0.58 per cent, while Wipro, TCS and Infosys fell 1.2 to 1.5 per cent, HCL Tech slipped 0.57 per cent and Tech Mahindra was down 0.15 per cent in the IT pack.
Realty stocks like DLF and Unitech fell over 0.4 per cent.
However, on the positive side, ICICI Bank gained 1.57 per cent and SBI rose 0.40% in banking stocks, while Oil & gas stocks like Cairn India, Reliance Industries and ONGC went up 0.4 to 0.5 per cent.
Reliance Communications, Idea Cellular and Bharti Airtel gained 0.5 to 0.7 per cent in the telecom sector.
Among the midcaps, EIH, Mcleod Russel, Gujarat NRE Coke, Bharat Forge and Dena Bank rose 3 to 4.8 per cent while the losers were Shriram Transport, Asian Star, Gammon Infra, United Phosphorous and Jai Corp, down 2.8 to 3.6 per cent.
Electrotherm, Network 18, Ruchinfra, Aditya Birla and Godawari Power were the smallcap gainers, up 6 to 13.7 per cent while Suraj Stainless, Vindhya Telelink, JMD Telefilms, Gokul Refoils and Hawkins Cooker lost 3.3 to 3.7 per cent.
Nifty opens at 22-month high; ICICI, Tata Steel up
Nifty opened the day with a bang as the indice hit a 22-month high, breaking the 5300 mark. Both Sensex, and Nifty were trading higher amid volatility.
At 9:01 am, NSE Nifty was trading at 5,296, up 18 points and BSE Sensex was trading at 17,749, up 63 points.
ICICI Bank, Reliance Communications, Tata Steel, Sterlite Industries, Idea, Bharti Airtel, IDFC, Jindal Steel & Power, Unitech, DLF and SAIL were the frontliners seeing buying interest.
However, Maruti, PNB and Hero Honda were on the losing side.
In the Midcap and Smallcap arena, sugar stocks like Balrampur Chini, Rana Suguars and Bajaj Hindusthan were up 2.5 to 3 per cent.
RCF gained 2.5 per cent.
Viceroy Hotel rose 0.8 per cent on fund raising and some restructuring news.
9: 40 AM