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The Sensex, which gained 20 points in the previous session, spurted by another 106.57 points to close 16,042.18 as funds and general investors bought heavily into tech and PSUs stocks. This is the third successive gain for the market.
The wide-based National Stock Exchange index Nifty 50 also rose by 32.25 points to 4,792.65, after crossing the psychological 4,800-mark during the session.
After a weak start, the sentiment picked up and a fag-end buying influenced by a higher opening in Europe pushed the indices to record handsome gains.
With the buying activity picking up, barring realty and oil & gas sector, all BSE sectoral indices ended in the green. Among the Sensex stocks, 19 ended higher, while 11 declined.
The information technology sector gained the most by rallying 2.52 per cent to 4,972.64 points led by Infosys as it rose Rs 70.15 to Rs 2,470.90, TCS by Rs 10.40 to Rs Rs 734.20 and Wipro by Rs 15.85 to Rs 652.45. Country's software service companies get a third of their sales in Europe.
The Sensex-linked Grasim gained Rs 123.10 to Rs 2,681.10 and ACC rose by Rs 27.25 to Rs 869.15 on expectations of better GDP expansion.
Markets @ 11.10 AM (PTI)
Reversing early trend, the Bombay Stock Exchange benchmark Sensex moved up nearly 90 points in late morning trade good buying in stocks, primarily IT shares, on the back of recovery in the Asian market.
The 30-share Sensex initially dropped to 15,862.90 after the US markets suffered a severe setback yesterday with the Dow sliding below the 10,000 mark. However, recovery in Asian markets cushioned any sharp fall.
The Sensex recovered afterwards to quote at 16,022.63 at 1110 hours, rising 87.02 points from its last close.
The NSE-50 share Nifty also looked up by 28.35 points to 4,788.75 at 1110 hours from yesterday's close.
IT stocks rose on bargain hunting after the recent fall. However, banking shares declined on fears of a hike in interest rate following inflationary pressures in the domestic economy.
Asian indices were trading mixed in early today.
The key benchmark indices in China, South Korea and Taiwan were up between 0.23 per cent and 1.56 per cent. However, indices in Singapore, Hong Kong and Japan were down between 0.14 per and 0.44 per cent respectively.
Markets @ 10.30 AM
The BSE Sensex was trading 0.3 percent higher on Tuesday after flip-flopping as mixed Asian markets offered little comfort and euro zone's sovereign debt troubles kept investors wary.
Export-focused software stocks rose while financials were among the losers.
By 10:37 a.m. (0507 GMT), the 30-share BSE index was trading up 0.27 percent at 15,978.66, with one-third of its components declining.
The benchmark has dropped more than 8 percent so far in 2010, after rallying 81 percent in 2009.
Traders said heavy selling by foreign funds in recent sessions, largely due to concerns in their home market, was keeping the market under pressure.
Foreign funds have withdrawn around $1.7 billion from Indian equities in the last 10 sessions, after ploughing in about $17.5 billion in 2009.
IT bellwether Infosys Technologies rose 1.5 percent and Tata Consultancy Services and Wipro climbed 1.7 percent and 1.6 percent respectively, after the rupee hit a seven-week low in the previous session.
"Valuations have turned attractive for the IT sector. Also, depreciating rupee is helping to an extent," said Harit Shah, a research analyst with Karvy Stock Broking.
Private-sector lenders ICICI Bank and HDFC Bank shed 0.1 percent and 0.3 percent respectively.
"For banks, things are not likely to improve this quarter," said R.K. Gupta, managing director of Taurus Mutual Fund.
"Treasury income is likely to be subdued and credit offtake and asset quality are still a concern."
Mortgage lender Housing Development Finance Corp dropped 0.2 percent, but top lender State Bank of India bucked edged up 0.1 percent.
Energy giant Reliance Industries, which has the highest weight on the Sensex, dropped 0.4 percent to 992.05 rupees.
Tata Steel, the world's eighth-largest steel maker by output, gained 1.1 percent to 539.70 rupees, after declining 4.5 percent in the previous session.
In the broader market, gainers led losers in a ratio of 1.7:1 on volume of 92 million shares.
The 50-share NSE index was up 0.3 percent at 4,775.40.
STOCKS ON THE MOVE
* Jet Airways was up 2.3 percent at 484.70 rupees, after the Mint newspaper reported the largest Indian private carrier was in initial talks with FedEx Corp to launch a dedicated cargo airline.
* Strides Arcolab was up 4.8 percent at 287.40 rupees as the drug maker said it had received U.S. Food and Drug Administration nod for its generic hypertension drug.
MAIN TOP 3 BY VOLUME
* Jubilant FoodWorks on 4.2 million shares
* Shree Ashtavinayak on 2.9 million shares
* Pradeep Metals 2.8 million shares
Markets @ 09.28 AM
The BSE Sensex turned positive on Tuesday morning, with Infosys Technologies and Tata Steel leading the gains, as Asian markets erased some losses.
At 9:28 a.m. (0358 GMT), the 30-share BSE index was up 0.01 percent at 15,937.13 points.
The 50-share NSE index was up 0.2 percent at 4,767.40.
Markets @ 09.00 AM
The Bombay Stock Exchange benchmark Sensex today fell by over 71 points, or 0.44 per cent in opening trade on fresh selling by funds, triggered by a weak trend in the global markets.
The 30-share Sensex, which had gained 19.96 points in yesterday's choppy trade, fell by 71.54 points to 15,864.07 points in early trade as stocks of banking, oil and gas and realty sectors declined.
The wide-based National Stock Exchange index Nifty also drifted by 20.25 points to 4,740.15.
Brokers said fresh selling by funds in heavy-weight stocks mainly led to fall in stock prices. Also a weak trend in the overseas markets kept the trading sentiment low here, they added.
However, the brokers said that the rise in FMCG, metal and IT stocks avoided any major dip in the Sensex.
Major losers were Reliance Industries, down by 0.7 per cent to Rs 989.30, ICICI Bank by one per cent to Rs 796.50 and HDFC Bank by 0.60 per cent to Rs 1,555.80.
In the global markets, Japanese share opened lower today, in line with the trend in the West. Nikkei-225 index fell 72.92 points to 9,878.90 in the first minutes of trade.
The US stocks had yesterday dropped sharply amid worries about debt problems in the eurozone, sending the Dow Jones industrials to a close below 10,000 for the first time since November. The Dow Jones Industrial Average closed 103.84 points lower at 9,908.39.
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