The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in noon deals led by index heavyweights like Reliance Industries, HDFC Bank, HDFC, Bajaj Finserv and Bajaj Finance. The benchmarks opened higher and extended gains on the back of buying interest in banking, financial services, energy, oil & gas and FMCG shares. The Sensex rose as much as 433 points and Nifty 50 index moved above its important psychological level of 12,200. The indexes are on track for their best weekly performance in five months.
As of 12:41 pm, the Sensex was up 421 points at 41,762 and Nifty 50 index climbed 94 points to 12,215.
Fifteen of 19 sector gauges compiled by the BSE were trading higher led by the S&P BSE Energy index's nearly 3 per cent gain. Finance, realty, banking, capital goods and oil & gas shares were also witnessing buying interest.
On the other hand, IT, pharma and telecom shares were witnessing selling pressure.
Mid- and small-cap shares were also witnessing buying interest as the S&P BSE MidCap and S&P BSE SmallCap indexes rose 0.4 and 0.8 per cent each respectively.
Reliance Industries was top Nifty gainer, the stock rose over 3.5 per cent to Rs 2,025 after its retail arm raised Rs 9,555 crore from Saudi Arabia's wealth fund.
Bajaj Finserv, HDFC Bank, Mahindra & Mahindra, HDFC, Tata Motors, Bajaj Finance, IndusInd Bank, Divis Labs and Titan also rose between 1-3 per cent.
On the flipside, Maruti Suzuki, GAIL India, Nestle India, Asian Paints, Dr Reddy's Labs, Grasim Industries, Infosys, UltraTech Cement, SBI Life and Shree Cement were among the losers.
The overall market breadth was positive as 1,458 shares were advancing while 960 were declining on the BSE.