The S&P BSE Sensex and NSE Nifty 50 indexes recovered from intraday lows led by gains in information technology shares. Renewed buying in banking and financial services heavyweights in afternoon trading also helped benchmarks to surge to intraday highs. The Sensex rose as much as 386 points and Nifty 50 index moved above its important psychological level of 12,850. HDFC Bank, Kotak Mahindra Bank, Bajaj Finance, HDFC and Bajaj Finserv were among the top movers in the Sensex.
As of 2:00 pm, the Sensex rose 325 points to 43,926 and Nifty advanced 86 points to 12,858. The gauge of 12 top banking shares of the country - Nifty bank index rose as much as 673 points from intraday low levels hit earlier in the session.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Information Technology index's 1.5 per cent gain. Banking, financial services, PSU bank, telecom and power shares were also witnessing buying interest.
On the other hand, energy and pharma shares were witnessing selling pressure.
Mid- and small-cap shares also rebounded from intraday lows as Nifty Midcap 100 index climbed 0.85 per cent and Nifty Smallcap 100 index advanced 1.3 per cent.
Gland Pharma shares made a strong market debut on Friday (November 20). The shares opened for trading at Rs 1,701 on BSE against issue price of Rs 1,500, listing at a premium of 13.4 per cent. The stock surged as much as 23 per cent from issue price to hit an intraday high of Rs 1,850. The pharmaceutical company's initial public offer (IPO), which closed on November 11, was subscribed two times.
Bajaj Finserv was top Nifty gainer, the stock rose 8 per cent to Rs 8,452. Titan advanced 5 per cent to hit new 52-week high of Rs 1,355 after the company informed exchanges that its jewellery business recorded growth in festive season despite the ongoing Covid-19 pandemic.
Bajaj Finance, HDFC Life, Kotak Mahindra Bank, Nestle India, Tech Mahindra, NTPC, HDFC Bank, GAIL India and HCL Technologies also rose between 2-4 per cent.
On the flipside, Reliance Industries, Sun Pharma, Adani Ports, ONGC, Coal India, Hindustan Unilever, IndusInd Bank, Indian Oil, Axis Bank and Cipla were among the laggards.
The overall market breadth turned positive as 1,527 shares were trading higher while 1,155 were trading lower on the BSE.