The breadth of the market favoured declines, with 762 stocks advancing, 948 declining and 352 remaining unchanged. On BSE, 1113 stocks advanced, 1422 declined and 143 remained unchanged.
The Indian benchmark indices including Nifty has jumped 90 points and is trading at 11,037 mark while the Sensex is trading higher by 348 points at 36,614, reaching a new record high.
At 14:00 hrs, the Energy index is outperforming the broader indices and is trading higher by 3.5 percent. From the BSE, Reliance Industries zoomed 5 percent after the company hit $100 billion market cap. MRPL, HPCL, BPCL and IOC are also trading higher by 2-4 percent.
PSU banks are also buzzing in the afternoon trade, up 1 percent led by Bank of Baroda which jumped 2 percent followed by State Bank of India, Punjab National Bank and Canara Bank.
From the private banking space HDFC Bank, ICICI Bank, IndusInd Bank and Yes Bank are the other gainers which added up to 1 percent in the afternoon trade.
Realty stocks have turned weak dragged by DLF, Indiabulls Real Estate and Oberoi Realty, each shedding 2 percent while Unitech traded higher.
The top gainers among Nifty constituents are Reliance Industries which zoomed 5 percent and hitting a new record high. HPCL, BPCL, Dr Reddy's Labs and Bajaj Finance.
The most actively traded stocks on the NSE are Reliance Industries, TCS, Infosys, Yes Bank and HDFC.
Some of the top BSE gainers include names like GMR Infra which jumped close to 6 percent followed by Reliance Industries, Time Technoplast, Balrampur Chini and Bajaj Electricals.
Bajaj Finance, Berger Paints, HDFC Bank, Hindustan Unilever, Jubilant Foodworks, Kotak Mahindra Bank, KPIT Tech, Mphasis and Reliance Industries are some of the very few stocks that hit fresh 52-week high in the afternoon trade.
Adani Power is trading lower by over 7 percent from the BSE midcap space while 8K Miles Software from the BSE smallcap space is down close to 10 percent.
The breadth of the market favoured declines, with 762 stocks advancing, 948 declining and 352 remaining unchanged. On BSE, 1113 stocks advanced, 1422 declined and 143 remained unchanged.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.