Benchmarks hit their highs in afternoon trading as investors apparently pulled some profit off the table. BSE Sensex, which had climbed to 583 points to reach an intraday high of 50,327.31, gave up more than 500 points from intraday highs and slipped below 50,000 in the process. At 12:55 p.m., the BSE Sensex was trading at 49,830.82, an increase of 81.87 points or 0.16% and the NSE Nifty was at 14,717.55, up 42.65 points or 0. 30%.
Broad markets outperform their large cap peers; mid and small cap indices rose 0.7% and 1% respectively.
Oil marketing companies are in the spotlight as global oil prices near a 13-month high. Brent futures were up 28 cents, or 0.4%, to $ 65.52 a barrel at 0102 GMT, while U.S. crude oil rose 14 cents, or 0.2%, to 61 , $ 84 per barrel. ONGC is the top winner on the Sensex, climbing 7.2 percent to Rs 114.05. BPCL, GAIL and IOC also gained 3-4 percent each on BSE.
Reliance Industries is trading at Rs 2,028, up 0.9% after the company said it planned to get approvals to part with its oil-to-chemicals business by the September quarter of l next exercise.
On the flip side, Kotak Mahindra Bank, Bajaj Auto, Maruti Suzuki and Asian Paints are among the notable losers among BSE stocks, losing up to 3 percent each.
The scale of the market remained positive as 1,649 stocks rose while 1,108 declined due to BSE.