Domestic stock markets are trading firm, at the higher end of a narrow range, a day after the Sensex and Nifty snapped a rally lasting five sessions. The Sensex index touched an intra-day high of 38,161.45 and the broader NSE Nifty 50 benchmark hit 11,226.55 on the upside. At 1:30 pm, the Sensex traded 227 points - or 0.6 per cent - higher at 38,099.83, while the Nifty was up 74.60 points - or 0.67 per cent - at 11,207.10.
All the NSE sectoral indices are trading in the green, with the exception of IT. Auto and metal were leading the markets higher.
Analysts awaited more large cap companies to report their financial results for cues.
The top percentage gainers on the NSE were Eicher Motors,IOC, M&M and Asian Paints, which registered gains from 2.4-3.5 per cent each.
Among the NSE sectoral indices, pharma and auto gained more than 1 per cent each in noon trades. The strength in the auto index was led by Eicher Motors' gains of 3.5 per cent. M&M, TVS Motors and Maruti Suzuki had 1.1 per cent to 2.7 per cent each, on the NSE.
In the pharma space, Divi's Lab had raced ahead by 2.8 per cent on the NSE, while Cipla, Lupin and Dr Reddy's added around 1 per cent, on the NSE.
On the IPO front, Speciality chemical maker Rossari Biotech made a strong debut on the bourses this morning. The stock listed at Rs 670 on the BSE, a premium of 57.65 per cent compared to the issue price of Rs 425 a share.
Among other stocks in the news, SpiceJet surged above 6 per cent after the low-cost carrier was designated as the scheduled carrier to the United States.
On the other hand, in a sign of profit-booking after recent gains, Axis Bank, TCS and Infosys lost between 1.2 per cent to 3.2 per cent each to emerge among the major losers on the BSE.
The NSE market breadth was strong. Out of 2,160 stocks traded on the NSE, there were 1,075 advancing stocks as against 397 declines.