The Sensex hit the day's high as buying action gained momentum in capital goods, banking, technology and metals stocks.

The partially convertible Indian currency remained at 53.84 a dollar after surging 13 paise as compared to its last closure of 53.97.

At 12:00 p. m., the 30-share index BSE Sensex gained 106.08 points at 16,321.92. The stock index has also hit an intraday peak of 16,345.85 and an intraday low of 16,123.04 today.

The broad-based Nifty stood at 4,935.60, up 27.80 points after hitting an intraday high of 4,942 and an intraday low of 4,868.55 thus far.

An Arihant Capital Market report stated, “On the daily chart, it is evident that markets are cautious at the current level. For the Nifty, 4,874 is a crucial level and if it is breached then the index may test 4,850-4,820 levels. On the flip side, if it manages to trade and close above 4,910 only a pullback up to 4,940-4,980 levels could be expected.”

The BSE Midcap Index added 0.21% while the BSE Smallcap Index remained down by 0.10%.

Among sectoral indices, the BSE Capital Goods Index gained 2.85%, the BSE Bankex zoomed 0.84% and the BSE IT Index surged 0.81%.

The BSE Auto Index lost 0.28%.

The top gainers’ in the list comprised L&T, Cipla, Hero MotoCorp, ICICI Bank and DLF.

NTPC, Maruti, Coal India Ltd, ONGC and Bharti Airtel remained the top losers.

The overall breadth of the stock market was pessimistic on the BSE with 1,103 gainers as compared to 1,125 losers.