The Sensex is now quoting at 17492, lower by 34 points, and the Nifty is at 5234, down 14 points.
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(Updated at 1253pm)
The Sensex touched a high of 17,612 after recovering from the day's low following a strong IIP data. The index is now off the day's high at 17,562 - up 36 points.
The Nifty is up nine points at 5,258.
The BSE IT index has rallied 4% to 5,202 on good results from Infosys.
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However, the realty, metal and bankex sector are in the red.
IT stocks continue to rally. Wipro has surged 6% to Rs 702. TCS has gained 5% at Rs 749. Infosys has rallied 3% to Rs 2,587.
Market heavyweight, Reliance, has added 2.5% to Rs 1,089.
Mahindra & Mahindra and Tata Power have advanced around 1% each.
Meanwhile, banking stocks hve displayed weakness.
Sterlite has dropped 2.3% to Rs 884. SBI and ICICI Bank ahve declined around 2% each.
ITC has slipped 1.8% to Rs 252. BHEL and Hindalco have also declined.
The market breadth continues to be positive. 798 stocks have advanced while 484 have declined.