The S&P BSE Sensex and Nifty came off intraday high levels paced by losses in Yes Bank, Zee Entertainment, Tata Motors, GAIL India and Bharti Infratel. Meanwhile, the benchmark indexes continue to trade with a positive bias as Reliance Industries, HDFC Bank, Infosys, Kotak Mahindra Bank and Bajaj Finance. Earlier in the day, Sensex and Nifty opened on a strong note and Sensex rose as much as 241 points and Nifty touched intraday high of 11,287.
As of 1:00 pm, the Sensex traded 0.28 per cent or 105 points higher at 37,423.22 and the NSE Nifty 50 Index was up 0.2 per cent or 21 points at 11,243.
Eleven of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Energy Index's 0.6 per cent gain. FMCG and Information Technology sector gauges also rose 0.5 and 0.4 per cent each respectively.
On the flipside, S&P BSE Telecom Index was top loser, down 1.44 per cent.
Mid- and small-cap shares were trading on a mixed note as the S&P BSE MidCap Index fell 0.2 per cent while S&P BSE SmallCap Index advanced 0.2 per cent.
In the Nifty 50 basket of shares, 26 were declining while 24 were advancing.
Eicher Motors was top gainer in the Nifty 50 basket of shares, the stock rose 3.7 per cent to Rs 19,948. Bajaj Finance, UPL, Mahindra & Mahindra, Kotak Mahindra Bank, ITC, Vedanta and Reliance Industries were also among the gainers.
On the flipside, Yes Bank fell 5.4 per cent to Rs 147.40 after the Reserve Bank of India appointed former deputy RBI Governor R Gandhi as Additional Director on the board of the bank for a period of two years.
Zee Entertainment, Tata Motors, GAIL, Bharti Infratel, Grasim Industries, Adani Ports and Coal India were also among the losers.
The overall market breadth was neutral as 1,145 shares were advancing while 1,151 were declining on the BSE.
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections. Election results will be out on May 23.