The domestic equity benchmarks hit fresh intraday high in afternoon trade. The Nifty traded above the 17,550 level. European markets edged higher while Asian stocks traded mostly in the green.

The seasonally adjusted S&P Global India Services PMI Business Activity Index came in at 59.4 in February as against 57.2 in January, attaining its highest level in 12 years and indicating a sharp expansion in output. Where growth was reported, survey participants mentioned favourable demand conditions and new business gains.

At 14:40 hours, the 30-share benchmark index was trading at 59910.22 up by 1000.87 points or by 1.7 % and then NSE Nifty was at 17624.25 up by 302.35 points or by 1.75 %.

Sensex touched intraday high of 59930.38 and intraday low of 59231.58 The NSE Nifty touched intraday high of 17628.55 and intraday low of 17427.7

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 561.55,+5.20%), Bharti Airtel Ltd. (Rs. 764.00,+3.22%), Reliance Industries Ltd. (Rs. 2388.00,+2.58%), Tata Steel Ltd. (Rs. 107.20,+2.44%), IndusInd Bank Ltd. (Rs. 1128.40,+2.37%), among others.

The top losers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1087.75,-1.98%), UltraTech Cement Ltd. (Rs. 7230.40,-0.82%), Nestle India Ltd. (Rs. 18476.40,-0.07%), among others.

PSU index was at 9771.11 up by 222.4 points or by 2.33%. Union Bank of India (Rs. 71.84,+7.43%), UCO Bank (Rs. 27.63,+6.47%), Punjab & Sind Bank (Rs. 28.07,+6.16%), Bank of India (Rs. 80.05,+5.82%), Indian Bank (Rs. 290.20,+5.82%),.

HCS index was at 21712.97 down by 43.83 points or by 0.2%. Hester Biosciences Ltd. (Rs. 1747.45,-1.69%), AstraZeneca Pharma India Ltd. (Rs. 3352.55,-1.35%), Syncom Formulation (India) Ltd. (Rs. 6.64,-1.34%), Sanofi India Ltd. (Rs. 5733.35,-1.29%), J B Chemicals & Pharmaceuticals Ltd. (Rs. 1951.00,-1.20%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3789 , shares advanced were 2289 while 1356 shares declined and 144 were unchanged.