The S&P BSE Sensex and NSE Nifty 50 Indexes edged higher led by gains in banking shares like Kotak Mahindra Bank, HDFC Bank, State Bank of India and Hindustan Unilever. However, the upside was capped as Reliance Industries, ONGC and Maruti Suzuki were facing selling pressure. The Sensex rose as much as 142 points and the Nifty Index moved above important psychological level of 11,700.
As of 11:10 am, the Sensex traded 134 points higher at 39,264 and the NSE Nifty 50 Index advanced 37 points to 11,699.
Eight of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty Media Index's 1.2 per cent gain. Nifty Bank, Nifty FMCG, Nifty Financial Services, and Nifty PSU Bank sector gauges also advanced between 0.45 and 0.81 per cent each.
On the other hand, Nifty Auto Index was top loser, down 0.21 per cent.
Mid- and small-cap shares were mixed as Nifty Midcap 100 Index was trading marginally lower while Nifty Smallcap 100 Index advanced 0.29 per cent.
UPL, Kotak Mahindra Bank, Zee Entertainment, Tech Mahindra, Hindalco and Hindustan Unilever were among the gainers in the Nifty 50 basket of shares.
On the flipside, Yes Bank, GAIL India, Coal India, JSW Steel, ONGC and Bharat Petroleum were among the losers.
Among the individual shares, Strides Pharma Science share price fell as much as 8.15 per cent to Rs. 347.00 on the BSE after US drug regulator - US Food and Drug Administration (US FDA) - issued a warning letter to the company for violating current good manufacturing practice (CGMP) regulations.
The market breadth was marginally positive as 1,081 shares were trading higher while 885 were lower on the BSE.