Here are 10 things to know about the movement in domestic share markets (Sensex and Nifty) today:
At 12:54 pm, the Sensex traded 125.27 points - or 0.31 per cent - higher at 40,409.46 while the Nifty was up 33.70 points (0.28 per cent) at 11,918.20.
Top percentage gainers on the 50-scrip index at the time were Bharti Airtel, Bharti Infratel, Cipla, Reliance Industries and Axis Bank, trading between 2.59 per cent and 5.58 per cent higher.
Reliance Industries, Bharti Airtel and Axis Bank were the top contributors to the gain in Sensex.
Market breadth however was largely negative, with 1,096 stocks trading higher and 1,305 moving lower on the BSE. On the NSE, 853 stocks advanced while 901 declined in afternoon.
On the other hand, top laggards on the Nifty 50 benchmark were Zee Entertainment, Mahindra & Mahindra, TCS, Yes Bank and Vedanta, struggling with losses of between 1.39 per cent and 3.21 per cent.
"Markets are in a consolidation phase after the recent rally," said AK Prabhakar, head of research, IDBI Capital.
The Nifty has risen more than 12 per cent since hitting a six-month low mid-August, supported by government measures to boost investor confidence as Asia's third-largest economy faces slowdown.
The Nifty Bank index - comprising shares in 12 major lenders in the country - soared as much as 0.93 per cent during the session. Punjab National Bank, Bank of Baroda and Axis Bank, rising as much as 3.04 per cent, 2.35 per cent and 3.49 per cent respectively. The Nifty PSU Bank index surged 3.35 per cent at the strongest level during the session.
Bharti Airtel and Vodafone Idea shares led a surge in the telecom sector, after the companies said the increase in mobile phone call and data charges starting December 1 was warranted for viability of their businesses.
Tariff hike announcements by telecom companies will benefit banks as they have a huge exposure to the sector, Mr Prabhakar added.