Robert Parker of Credit Suisse Asset Management feels the valuations are attractive in emerging markets. Moreover, he also indicated that higher growth levels in Asia may attract FIIs.
Among technology stocks, Infosys and Wipro gained 1-1.6% while TCS rose just 0.2%.
From the banking space, HDFC Bank, ICICI Bank, Axis Bank and PNB climbed 0.8-1% whereas SBI moved up just 0.2%.
NTPC has been the leading gainer on Nifty since morning, rising 1.3%. However, Tata Power and Power Grid declined 1-1.8%.
Reliance Industries and ONGC continued to trade lower, falling 1.4% and 2.3%, respectively. Tata Motors and Ambuja Cements were biggest losers, declining 3.5%.
Coal India, ITC, BHEL, Sterlite, JSPL, DLF, M&M, Sun Pharma and Cairn were down 1-2%.
Advancing stocks outnumbered declining ones by 741 to 646. The broader indices were marginally higher.
Nifty trades in narrow range; SBI, Maruti, Infy most active
The NSE Nifty continued to trade in a narrow range of 5315-5340, led by a fall in oil & gas, metal, capital goods, cement and healthcare stocks. The 30-share BSE Sensex dropped 70 points to 17,735 and the 50-share NSE Nifty lost 28 points to 5,332.65.
Among largecaps, Tata Motors, Sterlite Industries, Jindal Steel, Hindalco, ONGC, Ambuja Cements, Ranbaxy Labs and M&M slipped 2-3.5%.
However, Wipro, NTPC, Infosys, HDFC Bank, Hero Motocorp, IDFC and Sesa Goa were top gainers among largecaps, rising 0.5-2%.
SBI, Maruti Suzuki, Tata Motors, ICICI Bank and Infosys were most active shares on exchanges.
Indian equity benchmarks were trading lower on the back of profit booking in oil & gas, metal, banking, capital goods, cement, Anil Dhirubhai Ambani Group companies and select auto stocks. The market had rallied 6% last week and hence investors are seen booking some profit today. However, cheered up by Wipro's Q2 numbers, technology stocks were quite supportive .
The 30-share BSE Sensex fell 96 points to 17,709 and the 50-share NSE Nifty dropped 36 points to 5,325.
Asian markets too were under pressure. Hang Seng, Straits Times and Kospi dropped over 1%. Shanghai was down 0.5% and Taiwan down 0.34%.
From the oil & gas space, ONGC and Reliance Industries were down 2.4% and 1.2%, respectively.
Maruti Suzuki has managed to show some recovery from early day's low; the stock fell over 2%. Tata Motors was the biggest loser, falling over 3.5%. M&M too lost 1% while Hero Motocorp gained 1%.
In the metal space, Sterlite, JSPL, Hindalco and SAIL dropped 0.5-2.5%. Shares of India's largest lenders SBI and ICICI Bank declined 0.5% each. BHEL and HDFC fell over 1%.
However, Wipro was the top gainer among Nifty 50, rallying over 2% post Q2 results. Software services provider's second quarter net profit rose a better than expected 1.2% at Rs 1300.9 crore, helped by increased spending by clients and a depreciation in rupee. Infosys rose 1.34% and TCS was up just 0.3%.
Advancing stocks were outnumbering declining ones on BSE by 1227 to 1012
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