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The 30-share index settled with a gain of 84.87 points at 17,707.32 points. It moved between 17,809.21 and 17,579.59 during the session. It had fallen by 84.86 points in the precious session.
The broad-based Nifty of the National Stock Exchange rose by 33 points, or 0.62 per cent to 5,368.15, after dipping the day's low of 5,325.20. It had lost 0.48 per cent in the previous session.
Trading remained volatile as profit-booking encased every jump in the benchmark.
Top mobile operator Bharti Airtel plunged 6.58 per cent to Rs 354, after the company reported a fall in quarterly profit.
RIL rose by 1.57 per cent to Rs 858.05 on reports that the company is in talks with major domestic airlines to provide jet fuel infrastructure and transport services.
Infosys jumped up by 1.60 per cent to Rs 2,768.65 on positive cues from global markets. The two scrips carry nearly 20 per cent weightage on the Sensex.
A firming trend in the Asian region and higher opening in Europe as Greece leaders worked on a bailout package also boosted the sentiment.
The auto sector stocks remained star performer following reports a higher vehicle sales in January month.
Hero MotoCorp rose by 2.22 per cent to Rs 1,992.90, Maruti Suzuki by 1.83 per cent to Rs 1,267.90 and Ashok Leyland by 4.08 per cent to Rs 26.80.
Others on the higher side were Tata Consultancy Services, Wipro, GAIL India, HDFC, State Bank of India, Hindustan Unilever, Larsen and Toubro, Sterlite Industries, Bajaj Auto, Coal India, DLF and Hindalco.
Markets @ 10.40 AM (Reuters)
The BSE Sensex climbed 0.7 percent on Wednesday, led by energy conglomerate Reliance Industries and software services exporters Infosys and Tata Consultancy Services .
Bharti Airtel , the country's top mobile operator, fell as much as 6.5 percent after the company reported a surprising 22 percent fall in quarterly profit, hurt by higher interest costs.
Top private-sector lender ICICI Bank Ltd dropped as much as 2.7 percent after nearly 15.9 million shares, or 1.4 percent of the bank's equity, changed hands in block deals on the National Stock Exchange.
By 10:39 a.m. , the main 30-share BSE index was up 0.7 percent at 17,745.8, with 25 of its components advancing.
Neeraj Dewan, director at Quantum Securities, said there would be volatility after the benchmark gained 14 percent in 2012.
"I think we will not see a major correction if there is no bad news coming," he said.
Reliance Industries, which has the heaviest weight on the index, rose 1.7 percent after the company said it is in talks with major domestic airlines to provide jet fuel infrastructure and transport services.
Tata Consultancy Services, India's biggest software services exporter, rose 1.8 percent ahead of a "strategic announcement" expected around 2:45 p.m. .
Rival Infosys climbed 1 percent.
Bharti was down 5.45 percent after it reported a December quarter net profit of 10.11 billion rupees, sharply below market expectations of 13.45 billion rupees. Its monthly average revenue per user, a key metric for telecom carriers, fell an annual 6 percent for its domestic operations.
The 50-share NSE index was up 0.67 percent at 5,371. In the broader markets, gainers led losers by about 2.8:1, on volume of around 275 million shares.
Elsewhere in the region, the MSCI's broadest index of Asia Pacific shares outside Japan was up 0.8 percent, while Japan's Nikkei was up 0.8 percent.
STOCKS ON THE MOVE
* Ballarpur Industries Ltd fell as much as 3 percent, a day after the paper maker said its December quarter net profit fell 71.6 percent.
* ARSS Infrastructure Projects fell by daily limit of 5 percent after the company reported quarterly net loss of 123.6 million rupees.
TOP 3 BY VOLUME
* ICICI Bank with 18.03 million shares.
* Bharti Airtel with 9.5 million shares.
* Manappuram Finance with 8.07 million shares
Markets @ 09.00 AM (PTI)
The BSE Sensex rose 0.2 percent in early trading on Wednesday, in line with firmer Asian markets, led by gains in IT firms such as top software exporter Tata Consultancy Services).
Shares of Bharti Airtel , country's top mobile operator, fell 3.5 percent to 365.60 rupees after it posted a lower-than expected December quarter consolidated net profit of 10.11 billion rupees.
Analysts had expected a net profit of 13.45 billion rupees.
Tata Consultancy Services was up 1.8 percent at 1,220 rupees. The company is scheduled to make what it called a "strategic announcement" around 2:45 p.m. (0915 GMT)
At 9:30 a.m. (0400 GMT), the main 30-share BSE index .BSESN was up 0.2 percent at 17,651.9, with 21 of its components advancing. The 50-share NSE index .NSEI was up 0.06 percent at 5,338.5.
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