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The benchmark indices were trading in the green during the afternoon trade on Tuesday after scaling new peaks, led by IT and financials.
The market, after opening on a positive note amid mixed global cues, extended gains in the first half. Gains in heavyweights such as HDFC further sustained the market rally.
At 1 pm, the BSE Sensex, which hit a fresh all-time high of 54,779.66 during the morning session, was trading at 54,678.09, up 275.24 points or 0.51 per cent. It recorded an intra-day low of 54,450.34.
The Nifty 50 was ruling at 16,323.90, up 65.65 points or 0.4 per cent, after recording a fresh high of 16,359.25. It hit an intra-day low of 16,261.05.
Bharti Airtel, Tech Mahindra, HDFC, Kotak Bank and Mahindra & Mahindra were the top gainers on the Nifty 50, while Shree Cements, Power Grid, State Bank of India, Grasim and ITC were the top laggards.
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, investors' sentiments remained positive as the Reserve Bank presented draft guidelines to further liberalise the regulatory framework controlling overseas investments, in order to improve ease of doing business, which will further strengthen the position of India globally and can increase investments.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, "A clear trend in the market during the last several trading sessions is the outperformance of large-caps led by high-quality private sector financials."
The underperformance of the mid-small-caps segment is a desirable healthy trend since it removes the froth in the segment, Dr Vijayakumar said.
Financials, IT in focus
On the sectoral front, financials barring PSU Bank, IT, Oil & Gas, Consumer Durables and Healthcare stocks gained, while metals, realty, pharma, auto and FMCG remained under pressure.
Nifty Bank was up 0.36 per cent, while Nifty Financial Services was up 0.49 per cent. Nifty Private Bank was up 0.41 per cent. Nifty IT was up 0.87 per cent. The Nifty Healthcare Index was up 0.14 per cent, while Nifty Consumer Durables was trading 0.21 per cent higher. Nifty Oil & Gas was up 0.30 per cent.
Meanwhile, Nifty Metal was down 0.53 per cent. Nifty PSU Bank was down 1.01 per cent, while Nifty Realty was trading 0.92 per cent lower, while Nifty FMCG was down 0.35 per cent.
Nifty Auto was down 0.13 per cent and Nifty Pharma was up 0.14 per cent.
Broader indices
Midcap and smallcap stocks continued to face selling pressure.
Nifty Midcap 50 was down 0.25 per cent, while Nifty Smallcap 50 was down 0.87 per cent. The S&P BSE Midcap was down 0.12 per cent, while the S&P BSE Smallcap was down 0.64 per cent.
The volatility index rose 3.47 per cent to 13.04 .
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