Benchmark indices were trading higher amid volatility during the afternoon on Thursday, led by Reliance Industries.
Market opened on a weak note amid mixed global cues. Benchmark indices erased early losses to trade in the green during the afternoon led by gains in heavyweight such as Reliance, IT and pharma stocks.
At 1 pm, the BSE Sensex was trading at 58,586.70, up 245.71 points or 0.42 per cent. It recorded an intraday high of 58,807.67 and a low of 58,143.86. The Nifty 50 was trading at 17,466.10, up 51.05 points or 0.29 per cent. It recorded an intraday high of 17,540.80 and a low of 17,351.70.
Reliance, Dr Reddy, Tech Mahindra, Infosys and Divi’s Lab were the top gainers on the Nifty 50 while NTPC, IOC, ICICI Bank, Hindalco and Hindustan Unilever were the top losers.
Reliance Industries shares gained further after the company announced its decision to transfer its gasification unit to its newly created subsidiary Reliance Syngas Limited (RSL) on a slump sale basis. RIL was up 5 per cent on the NSE.
On the sectoral front, IT, pharma, realty and oil & gas stocks gained while auto, financials, metals and FMCG remained under pressure.
Nifty Oil & Gas was up 1.21 per cent. Nifty Pharma and Nifty Healthcare Index were up 0.77 and 0.96 per cent, respectively. Nifty IT was up 0.73 per cent while Nifty Realty was up 0.57 per cent.
Meanwhile, Nifty Auto was trading 0.95 per cent lower. Nifty Bank and Nifty Financial Services were down 0.57 per cent and 0.45 per cent, respectively. Nifty PSU Bank and Nifty Private Bank was down 0.67 per cent and 0.61 per cent, respectively. Nifty FMCG was down 0.67 per cent while Nifty Metal was down 0.59 per cent.
As for broader indices, Nifty Midcap 50 was down 0.23 per cent while Nifty Smallcap 50 was down 0.09 per cent. The S&P BSE Midcap was down 0.02 per cent while the S&P BSE Smallcap was trading 0.43 per cent higher.
The volatility index rose 1.08 per cent to 17.28.