The Indian equity benchmarks came off intraday highs in noon deals on the back of weakness in information technology, finance and cement heavyweights like HCL Technologies, Infosys, UltraTech Cement, HDFC and Tata Consultancy Services. The benchmarks staged a gap up opening wherein the Sensex rose as much as 529 points and Nifty 50 index moved above its important psychological level of 14,500.
As of 12:39 pm, the Sensex slipped 4 points to 47,945 and Nifty 50 index was unchanged at 14,359.
"We expect Nifty to trade in a range between 14,200-14,600 from a short term perspective. If the Nifty breaks below 14,200, we expect it to correct towards 13,600," Gaurav Garg, head of research at CapitalVia Global Research told NDTV.
Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Pharma index's over 1 per cent gain. Media, auto, metal and realty sector shares were also witnessing a mild buying interest.
On the other hand, Nifty Bank, Financial Services, FMCG and IT indexes were trading with a negative bias.
Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.62 per cent and Nifty Smallcap 100 index climbed 1.24 per cent.
Dr Reddy's Labs was top gainer in the Nifty 50 basket of shares, the stock rose over 4 per cent to Rs 5,182. Bajaj Finserv, Tata Consumer Products, Bajaj Finance, IndusInd Bank, HDFC Life, Bajaj Auto, Titan, Maruti Suzuki, Larsen & Toubro, Bharti Airtel, Mahindra & Mahindra and Hero MotoCorp also rose between 1-4 per cent.
On the flipside, HCL Technologies, UltraTech Cement, Shree Cements, HDFC, tech Mahindra, Infosys, Grasim Industries, Wipro, Britannia Industries, ITC, TCS, Hindustan Unilever, HDFC Bank, Eicher Motors and Hindalco were among the losers.
The overall market breadth was positive as 1,758 shares were advancing while 949 were declining on the BSE.