The Sensex and the Nifty were hovering near the day's high in mid-afternoon trade. The Nifty was trading above 11,250 mark, nearing its 200-day simple moving average (DMA) placed at 11,269.
At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 456.81 points or 1.22% at 37,988.79. The Nifty 50 index was up 125.3 points or 1.13% at 11,251.70.
Broader market was firm. The S&P BSE Mid-Cap index was up 0.89%. The S&P BSE Small-Cap index was up 0.55%.
The market breadth was still negative. On the BSE, 1137 shares rose, 1215 shares fell and a total of 183 shares were unchanged. On the Nifty 50 index, 38 stocks advanced and 12 stocks declined.
The Nifty Pharma index was up 0.91% at 7,214, ending its six-day losing streak. The index shed 9.02% in the past six days from its closing high of 7857.30 on 26 September 2019.
Aurobindo Pharma (up 3.35%), Cipla (up 3.21%), Sun Pharmaceuticals (up 1.84%), Dr Reddy's Laboratories (up 1.62%), Glenmark Pharmaceuticals (up 1.19%), Lupin (up 0.98%) and GlaxoSmithKline Pharmaceuticals (up 0.83%) advanced from the pharma pack.
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Cadila Healthcare surged 3.42% to Rs 236 after the company received a final approval from the USFDA for Colesevelam Hydrochloride tablets, used in lowering cholesterol. Tablets will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.
NCL Industries fell 0.73%. The cement maker announced a 24% decline in cement production in September 2019 to 3.71 lakh MT compared with 4.88 lakh MT in September 2018. The production of Ready Mixed Concrete edged 7% higher to 49,044 CuM in September 2019. The company's energy production declined 12% to 12.58 MU in September 2019.
Meanwhile, the yield on 10-year benchmark federal paper fell to 6.651% at 14:21 IST compared with 6.669% at close in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower and was hovering at 71.1075, compared with its close of 71.02 during the previous trading session.
In the commodities market, Brent crude for December 2019 settlement was down 11 cents at $58.13 a barrel. The contract edged 0.19% lower to settle at $58.24 a barrel in the previous trading session.
MCX Gold futures for 5 December 2019 settlement rose 0.12% at Rs 38,430.
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