All NSE sectoral indices were trading higher except Nifty FMCG which was dragged by Tata Consumer Products. Nifty media led the gains, rising over 1 percent.
Among broader markets and sectors, the banking gauge, the Nifty Bank slipped 474 points to 48,564. The midcap index also declined by 313 points, closing at 50,068.
The recent surge to all-time highs isn t just a pre-election rally, according to Sunil Subramaniam, MD and CEO of Sundaram Mutual. He views it as a sustainable trend and suggests that large-cap IT stocks will provide portfolio stability in case of a rebound in the sector. He doesn t expect private banks to take the leadership just yet.