The S&P BSE Sensex and NSE Nifty 50 indexes were trading firmly higher in noon deals on the back of strong buying interest in metal, banking and financial services shares. HDFC, HDFC Bank, Reliance Industries, Bajaj Finance, Axis Bank and Kotak Mahindra Bank were among the top contributors towards gain in the Sensex. All these shares collectively contributed over 200 points towards gain in the Sensex.
As of 12:13 pm, the Sensex was up 257 points at 36,586 and Nifty 50 index climbed 68 points to 10,773.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index's 2.6 per cent gain. Nifty Bank, Financial Services, PSU Bank and Private Bank indexes also rose between 0.6-1.5 per cent each.
On the other hand, FMCG and auto shares were witnessing a mild selling pressure.
Mid- and small-cap shares were trading mixed as Nifty Midcap 100 index rose 0.2per cent while Nifty Smallcap 100 index rose 1 per cent.
Among the individual shares, Strides Pharma Science shares surged as much as 5 per cent to hit an intraday high of Rs 431.15 after it got approval from US drug regulator - US Food and Drug Administration (USFDA) - for Butalbital, Acetaminophen, Caffeine, and Codeine Phosphate Capsules.
TCS was down 0.6 per cent ahead of its earnings announcement due later in the day.
Hindalco was top Nifty gainer, the stock rose 4.4 per cent to Rs 162. GAIL, Bajaj Finance, HDFC, Tata Steel, Bajaj Finserv, Vedanta, Axis Bank and UltraTeach Cement were also among the gainers.
On the flipside, Bharti Infratel, Tech Mahindra, Hero MotoCorp, Wipro, UPL, ITC, Maruti and Coal India were among the laggards.
The overall market breadth was marginally positive as 1,318 shares were advancing while 1,108 were declining on the BSE.