India's benchmark indices erased loss to hit fresh all time highs by midday on Thursday, led by gains in the IT, finance and fast moving consumer goods sectors.
As of 12:29 p.m., the NSE Nifty 50 was 0.18%, or 46.05 points higher at 25,098.40, while the S&P BSE Sensex was up 0.40%, or 328.72 points at 82.114.28.
"The day began with a mild positive start in the Nifty, and after a brief dip in the first few minutes, prices climbed to a new all-time high, surpassing the 25,100 mark," said Sameet Chavan, head of research, technical and derivative, Angel One Ltd.
Nifty extended its winning streak to 10 consecutive sessions, but the formation of consecutive uncertain candlestick patterns on the daily chart raises concerns about the sustainability of the uptrend, said Chavan.
Shares of Reliance Industries Ltd., Bajaj Finance Ltd., ITC Ltd. and ICICI Bank Ltd. positively contributed to changes in the Nifty.
While those of Mahindra & Mahindra Ltd., HDFC Bank Ltd., Hindalco Industries Ltd., Tata Motors Ltd. and Grasim Industries Ltd. weighed the index.
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On NSE, eight out of 12 sectors declined, with Nifty Metal and Auto falling the most during the session. The IT index saw the most gains.
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Broader markets were trading in the red. The BSE Midcap and Smallcap indices were trading 0.68% and 0.92% higher, respectively.
On BSE, 15 out of 20 sectors declined, with the BSE Services falling the most. BSE FMCG was the top gainer in trade.
Market breadth was skewed in the favour of sellers. Around 1,256 stocks rose, 2,540 stocks declined, and 127 stocks remained unchanged on BSE.
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