The Indian equity benchmarks came off intraday highs in noon deals on the back of weakness in select banking, auto and information technology shares. The benchmarks staged a gap up opening wherein the Sensex advanced as much as 468 points to hit an intraday high of 49,417.64 and Nifty 50 index briefly moved above its important psychological level of 14,850.
As of 1:37 pm, the Sensex was up 158 points to 49,108 and Nifty 50 index rose 69 points to 14,793.
"If Nifty sustains above 14,750 we can expect a rally to continue in the market till the level of 14,900. 14,900 will act as a resistance in the short term. Technical factors in the market are aligned to show that the market will trade in a range of 14,500-14,900," Gaurav Garg, head of research, CapitalVia Global Research told NDTV.
Eight of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index's over 4 per cent gain. Media and realty sector gauges were also trading higher with gain of 2 and 0.75 per cent each respectively.
On the other hand, IT, Auto and PSU Bank indices were trading with a negative bias.
Mid- and small-cap shares were trading mixed as Nifty Midcap 100 index fell 0.37 per cent and Nifty Smallcap 100 index advanced 0.75 per cent.
Tata Steel was top Nifty gainer, the stock rose 7 per cent to hit fresh 52-week high of Rs 1,185. Hindalco, Adani Ports, SBI Life, JSW Steel, Bharti Airtel, Mahindra & Mahindra, NTPC, ITC, Coal India, HDFC Bank, Tata Motors, Hindustan Unilever and UltraTechh Cement also rose between 1-4 per cent.
On the flipside, Tata Consumer Products was trop Nifty loser. The stock fell over 3 per cent to Rs 632 after it reported a consolidated net profit of Rs 133.34 crore for the March quarter as against a loss of Rs 50 crore in the year-ago period, mainly on account of growth in revenue and control over expenditure.
Hero MotoCorp dropped over 2 per cent on account of profit-booking after March quarter earnings.
Bajaj Auto, UPL, Divi's Labs, Infosys, Bajaj Finance, Grasim Industries, Kotak Mahindra Bank, Bjarat Petroleum, State Bank of India and ICICI Bank were also among the losers.
The overall market breadth was positive as 1,651 shares were advancing while 1,248 were declining on the BSE.