Corrections were seen in stocks that were highly overvalued without any fundamentals justifying the high valuations.
Nifty Realty index stood tall with gains of 2.56%, while Nifty Bank continued its upward trend and scaled to a fresh high of 40,587.
Sensex jumped 126 points or 0.21% to 61,050 while the Nifty 50 index was quoting at 18,230 higher by 52 points or 0.29%.
Nifty PSU Bank led the sectoral pack on the NSE with gains of 2.73% followed by Nifty Bank adding 1.30% to end above the 40,000.
Barring the Nifty IT (down 0.46%) index all other sectoral indices were trading with gains. Nifty Realty was the top gainer as it rallied 1.14%.
The selloff in the broader markets was much severe compared to benchmark indices as BSE MidCap & BSE SmallCap indices were tanked around 2%.
In opening trades Sensex was trading at 61,779 higher by 63 points or 0.10%. While the Nifty 50 rose 21 points or 0.11% to 18,439.
The broader markets clearly witnessed profit booking in several top-performing Midcap names during the day.
Nifty IT index was leading the sectoral pack with gains of 2.10%.
Nifty PSU Bank was the star of the day as it surged 3.98% followed by the Nifty Metal index rallied 3.89%.