The BSE Sensex (^BSESN : 18645.06 +85.01) climbed to 31-month highs for the second consecutive day on Tuesday, but traders said the market was vulnerable to a correction amid muted world markets.
Energy major Reliance Industries (RELIANCE.NS : 962.3 +9.65), which had been an underperformer in recent months, led the gainers.
"It is a stock-specific market right now. Stock rotation is taking place with investors preferring stocks like Tata Motors (TATAMOTORS.BO : 1034.75 +22.2), Maruti and ICICI Bank (ICICIBANK.NS : 1038.6 -0.85) which have more headroom." said Deven Choksey, managing director and CEO of KR Choksey Shares.
"However, some profit booking is not ruled out at such higher levels."
By 11:22 a.m. (0552 GMT), the 30-share BSE Sensex was trading up 0.37 percent at 18,628.33, with two-thirds of its components gaining. It rose as much as 0.5 percent early to 18,648.69, its highest level since February 2008.
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