"Valuations of growth-oriented sectors are high, so broader focus is on defensive sectors like IT and pharma. After seeing some stabilisation in quarterly numbers, investors are shifting towards IT," said Vinod Nair, head of research at Geojit Financial Services.
The Nifty Pharma index rose for a fourth consecutive session, climbing as much as 0.5 per cent.
The broader NSE Nifty was up 0.01 per cent at 11,085.20 as of 11:56 am, after rising as much as 0.24 per cent to hit an all-time high of 11,110.10 points.
The benchmark BSE Sensex was 0.06 per cent higher at 36,161.56, having earlier climbed 0.35 per cent to hit a peak of 36,268.19 points.
Meanwhile, investors booked profits in market heavyweights such as Reliance Industries Ltd, which fell as much as 2.1 per cent after gaining in the last three sessions. ICICI Bank Ltd fell 2.6 per cent, after rising in seven of the last eight sessions.
Shares of telecom services providers also fell after Reliance Jio Infocomm Ltd cut tariffs to counter bigger rival Bharti Airtel Ltd's revision in data plans.
Bharti Airtel led losses on the NSE index, falling as much as 6.2 per cent. Idea Cellular Ltd fell as much as 5.7 per cent while Reliance Communications Ltd slipped over 2 per cent.
Indiabulls Housing Finance Ltd rose 2.2 per cent while PNB Housing Finance Ltd climbed 2.9 per cent after posting strong third-quarter results.
United Spirits Ltd slid as much as 6.7 per cent after the liquor company on Tuesday posted smaller-than-expected third-quarter profit.
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