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The 30-stock index galloped 475.04 points, or 4.07 per cent, above its previous close to outperformed its Asian peers that climbed between 0.50 per cent and 3.50 per cent.
The broader-based Index Nifty declined 126.50 points, or 3.56 per cent, to close at 3,681.10.
Overall, the market breadth remained positive. Out of 2,586 stocks traded on the BSE, 1410 ended in the green and 75 remained neutral while rest ended in the red.
Industrial production declined 2.3 per cent in March as compared to 5.5 per cent rise during the corresponding month, a year ago. Manufacturing sector, which accounts for nearly 80 per cent of the Index weightage, shrank 3.3 per cent, playing a major role in dismal performance.
Buying was witnessed across the board with stocks of technology, banking oil & gas and real estate stocks gained the most.
Reliance Industries, the largest private player by market capitalisation, rose 5.32 per cent. The stock has a weightage of over 17 per cent in the BSE Sensex.
Except Hindustan Unilever, which declined marginally by 0.44 per cent, all other scrips from the 30-stock pack ended in the green. Banking stock HDFC and ICICI bank jumped 7.66 per cent and 7.40 per cent. Technology stock, Wipro and Infosys also jumped 7.40 per cent and 5.51 per cent.
Among the sectoral Indices, the TECk Index, the BSE IT index and the BSE Bankex Index soared 5.19 per cent, 5.04 per cent, and 4.83 per cent, respectively.
At local time 3:45 PM, the European Indices were up trading flat.
Markets @ 01.30 PM
The BSE Sensex erased early losses and rose more than 2 percent on Tuesday afternoon, after the market fell about 3.5 percent in the previous two sessions.
At 1:35 p.m. (0805 GMT), the 30-share BSE index was up 2.1 percent at 11,922.08 points, with 25 stocks gaining.
The 50-share NSE index was up 1.6 percent at 3,611.35.
Markets @ 11.00 AM
The BSE Sensex seesawed on Tuesday as worries about a split verdict when general election results are announced on May 16 dented investor confidence.
The possibility of a potentially unstable coalition of regional parties coming to power if neither the ruling Congress party coalition or the main opposition Bharatiya Janata Party-led group win a clear majority kept investors wary.
Engineering and construction firm Larsen & Toubro and Tata Steel fell on profit-taking, while outsourcer Infosys Technologies and private-sector lenders ICICI Bank and HDFC Bank rose.
By 11:05 a.m. (0535 GMT), the 30-share BSE index was up 0.4 percent at 11,735,21 points, with advancers and losers evenly matched, after falling as much as 0.5 percent.
"This is a typical move before the election results are announced, where there is buying when the market goes lower and profit booking when the market goes higher," Deven Choksey, chief
executive of K.R. Choksey Shares & Securities, said. "Traders are being cautious."
The benchmark index had fallen in the previous two sessions after rising 50 percent since early March. Trading is expected to be choppy through the week, till there is more clarity on the political front.
Investors are awaiting industrial output data, expected at about noon (0630 GMT), which is likely to have shrunk in March from a year earlier, its third fall in four months, as the global economic slowdown hit exports and domestic demand remained soft, a Reuters poll showed.
Larsen & Toubro shed 2.4 percent to 939.95 rupees, while Tata Steel fell 3.9 percent to 261.45 rupees.
No. 2 outsourcer Infosys rose 2.1 percent to 1,546.50 rupees. ICICI Bank climbed 0.4 percent to 525.30 rupees, while HDFC Bank advanced 1 percent to 1,156 rupees.
In the broader section, losers led gainers 1.5 to 1 on relatively light volume on 99.2 million shares.
The 50-share NSE index was up 0.4 at 3,569.15.
MAIN TOP 3 BY VOLUME
* Unitech on 8.3 million shares
* Birla Power on 5.2 million shares
* Suzlon Energy on 3 million shares
STOCKS ON THE MOVE
* Motilal Oswal Financial Services Ltd rose 2.3 percent to 100 rupees after the financial services firm posted a 23 percent rise in March quarter net profit after market hours on
Monday.
* United Breweries, India's largest beer maker, gained 4 percent to 121.25 rupees after a newspaper report said it would bottle and distribute Heineken brands in the country and get a one-time fee of 3 billion rupees ($60.5 million).
Markets @ 10.00 AM(PTI)
Continuing its slide for the third straight session, the Bombay Stock Exchange benchmark Sensex today declined by over 57 points in early trade on capital outflows by foreign funds, triggered by weakening global markets.
Profit-booking by investors, after witnessing a nine-week rally, ahead of elections results to be announced on May 16, also dampened the trading sentiments, marketmen said.
They said apart from weak cues from global markets and profit-taking at higher levels, expectations of discouraging industrial output data for the month of March, expected at noon, also cast its shadow on the trading sentiments.
The 30-share barometer, which had lost over 430 points in the last two sessions, fell by 57.60 points at 11,625.39 points in the first five minutes of trading.
Similarly, the wide-based National Stock Exchange index Nifty fell by 19.55 points to 3,535.05 points.
Major losers which pulled the Sensex down were Reliance Industries down 0.73 per cent, State Bank of India 1 per cent, Tata Steel 2.50 per cent, RCom 0.88 per cent, BHEL 1.97 per cent and Tata Motors 1.69 per cent.
Meanwhile, the US Dow Jones Industrial Average closed 1.82 per cent down yesterday, while Hong Kong's Hang Seng Index shed 0.54 per cent and Japan's Nikkei fell by 1.06 per cent in early trade today.
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