Sensex and Nifty were underperforming the mid and small cap indexes.Domestic equity benchmarks came off intraday high levels owing to weakness in Reliance Industries and Bharti Airtel.
Meanwhile, gains in banking stocks such as ICICI Bank, Kotak Mahindra Bank and IndusInd Bank continue to support the Sensex and Nifty stay in positive territory.
The SP BSE Sensex which climbed over 250 points was trading 116 points higher at 35,984 as of 1:00 pm.
The NSE Nifty 50 Index which touched high of 10,872 traded 0.4 per cent or 41 points higher at 10,833.Sixteen of 19 sector gauges compiled by BSE were trading higher led by the SP BSE Metal Index's 1.5 per cent gain.
Power, Capital Goods, Utilities, Industrials, Basic Materials Indexes also rose over a per cent each.
On the flipside, SP BSE Telecom Index was top loser, down 1 per cent.Yes Bank was the top gainer in the Nifty 50 basket of shares, up 3 per cent at Rs 238.15.
Adani Ports, Zee Entertainment, Vedanta, IndusInd Bank, GAIL India and Hero MotoCorp were also among the gainers.On the other hand, Bharti Airtel was top loser, down 3 per cent at Rs 308.60 after its board of directors approved raising Rs 32,000 crore.
Cipla, Axis Bank, Dr.
Reddy's Labs, Asian Paints, Eicher Motors and Bajaj Finserv were also among the laggards in the Nifty 50 basket of shares.Mid- and small-cap shares were outperforming their larger peers as the SP BSE MidCap Index rose 1 per cent and the SP BSE SmallCap Index jumped 1.67 per cent.The overall market breadth was extremely positive as 1,730 shares were advancing while 603 were declining on the BSE.