Bullish sentiment was visible on Dalal Street as S&P BSE Sensex and Nifty 50 indices broke out of narrow trading range in late morning deals on Friday led by gains in Larsen & Toubro, ITC, Tata Motors, ICICI Bank, Bharti Airtel and Kotak Mahindra Bank. The Sensex rose as much as 394 points and Nifty 50 index touched an intraday high of 21,313.05.

As of 11:19 am, the Sensex was 332 points at 71,197 and Nifty 50 index advanced 114 points to 21,369.

"The levels near 21,000 would be maintained as an important support zone and on the upside a decisive breach above 21,500 level is necessary to confirm fresh breakout. The support for the day is seen at 21,150 while the resistance is seen at 21,400," brokerage firm Prabhudas Lilladher said in a note.

Buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by Nifty Metal index's 1.62 per cent gain. Nifty Media, Realty, Healthcare, Consumer Durables and Auto indices also rose between 1-1.7 per cent.

Mid- and small-cap shares were witnessing strong buying interest as Nifty Midcap 100 index rose 0.92 per cent and Nifty Smallcap 100 index advanced 1.3 per cent.

Tata Motors was among the top Nifty gainer, the stock rose nearly 3 per cent to Rs 728 after BSE granted no objections certificate (NOC) to the scheme of arrangement among Tata Motors and its shareholders and creditors for cancellation of the entire "A" Ordinary Share Capital of the Company and issuance and allotment of ordinary shares as consideration for such reduction of capital.

Coal India, Divi's Labs, Tata Steel, Maruti Suzuki, Britannia Industries, Hindalco and Larsen & Toubro also rose between 1.75-2.63 per cent.

On the flipside, Grasim Industries, HDFC Bank, BPCL, Reliance Industries, HDFC Life and Ultratech Cement were among the notable losers.

The overall market breadth was extremely positive as 2,648 shares were advancing while 918 were declining on the BSE.