Despite weak cues from fellow Asian peers, Indian equity benchmarks extended gains during the afternoon session on Thursday with BSE Sensex rose to a five-and-a-half month high while NSE Nifty hit 52-week high led by a rally in the Teck and IT sector stocks.
At 1:05 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 28,980.09 up by 115.38 points or 0.4 per cent while the NSE Nifty was at 8,971 up by 44.1 points or 0.49 per cent.
Moreover, shares of telecom major Bharti Airtel soared over 4 per cent after it announced the decision to acquire Telenor India assets.
Also, short-covering of outstanding positions by speculators as Thursday being the last session of February series expiry in the derivatives segment, too supported sentiment at D-Street.
The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 375.80,+4.06%), Tata Consultancy Services Ltd. (Rs. 2464.05,+2.26%), Infosys Ltd. (Rs. 1009.45,+1.77%), Wipro Ltd. (Rs. 479.35,+1.22%), Sun Pharmaceutical Industries Ltd. (Rs. 677.75,+1.10%), among others.
Major show spoilers were Reliance Industries Ltd. (Rs. 1189.00,-1.54%), NTPC Ltd. (Rs. 165.20,-0.84%), Power Grid Corporation of India Ltd. (Rs. 200.00,-0.65%), Asian Paints Ltd. (Rs. 1016.05,-0.39%), Oil And Natural Gas Corporation Ltd. (Rs. 195.20,-0.20%), among others.
The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2,854 shares traded, 1,362 advanced while 1,293 shares declined and 199 remained unchanged.