The S&P BSE Sensex and NSE Nifty 50 indexes came off intraday highs in afternoon trading as banking shares came under selling pressure. Earlier in the day, the benchmarks rebounded from a sharp fall in yesterday's session wherein the Sensex surged as much as 711 points and the Nifty 50 index touched an intraday high of 9,030.35. Gains in Bharti Airtel, ITC, Infosys and UltraTech Cement were offset with losses in Reliance Industries, HDFC Bank, Hindustan Unilever and Axis Bank.
As of 2:10 pm, the Sensex was up 0.6 per cent or 179 points at 30,208 and the Nifty was at 8,881, up 0.65 per cent or 58 points.
Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Auto index's 1.7 per cent gain. Nifty IT, Media, Metal and FMCG indexes were also up between 0.6-1.2 per cent.
On the other hand, Nifty PSU Bank index was top loser, down 2 per cent. Nifty Bank, Private Bank and Realty sector gauges were also down 0.3-1 per cent each.
Mid- and small-cap shares were largely in-line with the benchmarks as the Nifty Midcap 100 index rose 0.6 per cent while Nifty Smallcap100 index advanced 0.3 per cent.
Bharti Airtel was top Nifty gainer, the stock surged over 10 per cent to hit record high of Rs 594.65 as customers upgraded their data and calling plans and the telecom operator raised mobile tariffs, helping boost average revenue per user.
The company's average revenue per user, a key metric for the telecom sector, rose 25 per cent to Rs 154 at its mobile services business in the country during the quarter ended March 31.
Adani Ports, ONGC, Bharti Infratel, UltraTech Cement, JSW Steel, Grasim Industries, TC, Mahindra & Mahindra and NTPC were also among the gainers.
On the flipside, UPL, IndusInd Bank, Vedanta, Axis Bank, State Bank of India, Reliance Industries, HDFC Bank, Hindustan Unilever and Cipla were among the losers.
The overall market breadth was neutral as 1,106 shares were declining while 1,007 were advancing on the BSE.