MUMBAI: Benchmarks slipped back in the positive terrain as buying activity picked up in IT capital goods space. Market is likely to take cues from European peers for further direction.

At 12:30 pm, Bombay Stock Exchange’s Sensex was at 18162.99, up 48.16 points or 0.27 per cent. The index touched intraday high of 18172.11 and low of 18098.

National Stock Exchange’s Nifty was at 5450.85 up 11.3 points or 0.21 per cent. The 50-share index touched a high of 5453.25 and low of 5429.75 in trade so far.

“Yesterday’s candlestick pattern suggests that the index is facing selling pressure at higher level and thus favors a move on the downside. Only in case of a break of the 5477 high, would call for a move on the upside towards a test of 5530,” said Edelweiss report.

BSE Midcap Index was up 0.17 per cent and BSE Smallcap Index moved 0.60 per cent higher.

Amongst the sectoral indices, BSE IT Index was up 2.53 per cent and BSE Capital Goods Index gained 1.35 per cent. BSE Oil&gas Index declined 0.47 per cent and BSE FMCG Index moved 0.47 per cent lower.

TCS (2.81%), Infosys Technologies (2.57%), BHEL (2.08%), Reliance Infrastructure (2.01%) and Wipro (1.98%) were amongst the top Sensex gainers.

Losers included Bharti Airtel (-1.31%), ACC (-1.22%), HDFC Bank (-1.07%), Jaiprakash Associates (-1.05%) and ITC (-0.94%).

Market breadth was positive on the BSE with 1575 advances against 1262 declines.