Equity benchmarks erased some early gains, with Nifty hovering around 8800 level ahead of Q3 earnings. Technology, HDFC Group and oil stocks continued to support the market while metals and infra stocks were under pressure.
The 30-share BSE Sensex gained 95.92 points at 28385.84 and the 50-share NSE Nifty rose 24.95 points to 8794 while the broader markets continued to outperform benchmarks.
The BSE Midcap and Smallcap indices gained 0.3 percent and 0.6 percent, respectively. More than two shares advanced for every share falling on the exchange.
Ridham Desai of organ Stanley says strong corporate payout, a new M&A cycle, and robust household demand for equities combined with improving growth and reasonable equity valuations bring his bull case into play.
Metals stocks like Tata Steel and Hindalco were down more than 1.5 percent while HDFC, HDFC Bank, Infosys, TCS, Reliance Industries and Lupin continued to lead the market higher.
Asian shares were mixed today following a mild close in US markets and with gold prices at three-month highs.