The NSE Nifty today set a fresh high of 8,362.65 points at close while the benchmark BSE Sensex edged higher by 35 points as rate-sensitive realty, banking and auto stocks rose ahead of inflation and IIP data.
The 30-share Sensex resumed higher at 27,911.25 and hovered in a range of 27,996.92 and 27,790.40 in a volatile trade. It closed at 27,910.06, showing a gain of 35.33 points or 0.13 per cent.
The 50-share Nifty closed at historic closing high of 8,362.65, a gain of 18.40 points or 0.22 per cent. It shuttled between 8,378.70 and 8,321.85 in day trade.
"Among day's major market moving news, Brent crude was seen trading below USD 82 per barrel after hitting its four-year low," Rakesh Goyal, the Senior Vice President of Bonanza Portfolio, said.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 355.30 crore yesterday, according to provisional data from stock exchanges.
"Investors were keeping cautious approach ahead of two crucial data -- CPI inflation and IIP data, which is scheduled on November 12, 2014," Religare Securities President-Retail Distribution Jayant Manglik said, adding that the upcoming data would provide the trigger for next directional move.
As many as 16 scrips of the 30 Sensex pack ended higher while 13 finished lower. Tata Motors ended flat.
Major gainers were M&M (2.35 per cent), Tata Steel (1.84 per cent), Gail India (1.63 per cent), Axis Bank (1.42 per cent), HDFC (1.09 per cent), ICICI Bank (1.02 per cent), Larsen & Toubro (0.86 per cent), Reliance Industries (0.85 per cent) and Sun Pharma (0.59 per cent).
However, BHEL fell by 2.41 per cent followed by ITC 1.91 per cent, Bharti Airtel 1.43 per cent, Infosys 1.09 per cent, Coal India 1.03 per cent and Cipla 0.79 per cent.
Among sectoral indices, the BSE Realty index gained the most by rising 1.05 per cent, followed by Banking index by 0.74 per cent and Auto index by 0.68 per cent.
"Profit booking was seen in the market which dented the movement of indices. Indian corporate earnings are also losing its pace which has forced investor to stay away from the markets," Jignesh Chaudhary, Head Of Research, Veracity Broking Services said.
Indicating firm sentiments, the breadth of the market was positive with BSE midcap index rising 0.72 per cent and smallcap index by 0.24 per cent.
Total market breadth turned positive as 1,579 stocks close in the green while 1,433 finished in the red. The total turnover dropped to Rs 3,285.02 crore from 3,867.10 crore yesterday.
Among global markets, Japanese stocks led gains which rose by 2.05 per cent on speculation Japan's Prime Minister Shinzo Abe will delay a sales-tax increase in the country. Key indices in Hong Kong and South Korea also rose.
European stocks were also trading higher in their early trade following fall in crude oil prices. Key indices in France, Germany and UK firmed up by 0.14 per cent to 0.52 per cent.