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The 30-share index extended gains for the fifth straight session rising by 74.66 points to close at 17,412.83 points. The barometer had opened lower and further fell to an intra-day low of 17,249.46 points due to profit booking.
Anil Ambani group company RCom rose to a four-month high after it decided to demerge its telecom infrastructure unit, Reliance Infratel, to create an independent entity. The stocks surged by 4.27 per cent to Rs 186.65.
Brokers said fresh buying mainly in realty and PSU sectors on the back of disinvestment news coupled with recovery in european markets boosted the market sentiment.
The government today approved disinvestment of 10 per cent each in Coal India Ltd and Hindustan Copper Ltd, as it pushes its agenda to raise Rs 40,000 crore this fiscal through stake sales in PSUs.
The broad-based National Stock Exchange index Nifty closed at 5,222.35 points, showing a gain of 24,65 points.
In 30 BSE index components, 21 stocks closed with gains.
The heaviest on the benchmark, Reliance Industries, rose by 0.19 per cent to Rs 1,065.45, Sterlite Industries by 3.41 per cent to Rs 675.35 and DLF Ltd by 2.99 per cent to Rs 272.25. The three carry nearly 19 per cent weightage on the Sensex.
MMTC Ltd, a state-run trading company, by rising 20.86 per cent to Rs 34,476.60, the most since July 2002, after saying it will consider a proposal on June 29 to issue free shares and split its stock.
Markets @ 11.20 AM Reuters
The BSE Sensex seesawed on Tuesday as Moody's downgrade of Greece's debt to junk status revived concerns about the woes in euro zone and halted a rebound in world markets.
Traders said investor sentiment was fragile and a fresh bout of risk aversion could dent foreign fund inflows that were slowly picking up after a selloff in May.
Reliance Communications bucked the trend rallied as much as 5.2 percent after the No. 2 Indian mobile operator's board approved a proposal to bring investors into its telecoms tower arm.
On Tuesday, the Economic Times named American Tower, a consortium of private equity firm Blackstone and Crown Castle International, and India's GTL among suitors for Reliance Comm's tower unit.
By 11:19 a.m. (0549 GMT), the 30-share BSE index was trading down 0.12 percent at 17,317.11, with half of its components declining.
Deven Choksey, managing director and CEO of KR Choksey Shares, he expected foreign institutional investors (FII) to continue investing in India but probably at a slower pace.
"FII flow will not come with a bang," he said. "It will definitely flow gradually. They would not want to miss out on India's growth story."
Data last week showed India's factory output grew an annual 17.6 percent in April, with manufacturing growth matching its fastest pace in at least 15 years.
Foreign funds have bought shares worth nearly $358 million in June after dumping $2 billion last month.
Banks edged lower after rising in recent sessions. The sector index was down 0.5 percent after gaining 3.8 percent over four previous sessions.
Top lender State Bank of India(SBI.BO) was down 0.3 percent while rivals ICICI Bank and HDFC Bank(HDBK.BO) shed 1.1 percent and 0.6 percent respectively.
Metals rose on short-covering and as they caught up with the recent underperformance compared with the broader market, dealers said.
The sector index was up 1.1 percent but still down nearly 16 percent since the start of May.
Non-ferrous metals producer Sterlite Industries(STRL.BO) and aluminium producer Hindalco rose 2.9 percent and 0.4 percent respectively.
Tata steel, the world's eighth-largest steel maker by output, rose 0.5 percent.
Energy giant Reliance Industries(RELI.BO) , which has the highest weight on the Sensex, was down 0.8 percent. It had risen 6.7 percent in the past four sessions.
In the broader market, gainers led losers in a ratio of 1.5:1 on volume of 163 million shares.
The 50-share NSE index was down 0.1 percent at 5,194.
STOCKS ON THE MOVE
* MMTC jumped 22.1 percent to 34,840 rupees after the state-run trading firm said it would consider a bonus issue and stock split on June 29.
* Mahindra Satyam was down 1.4 percent at 87.65 rupees after the IT services firm said on Monday it had sought more time from authorities to file financial statements relating to fiscal years 2008 and 2009, delaying its merger with Tech Mahindra.
Tech Mahindra was down 0.9 percent at 732.90 rupees.
MAIN TOP 3 BY VOLUME
* Reliance Natural Resources on 13.4 million shares
* Ennore Coke on 5.7 million shares
* Suzlon Energy on 5.1 million shares
Markets @ 09.00 AM
The Bombay Stock Exchange benchmark Sensex today opened 36 points lower on profit selling in bluechips like TCS and ICICI Bank.
The 30-share index, which had gained 273.22 points in the previous session, fell by 35.91 points to 17,302.26 points. The wide-based National Stock Exchange index Nifty also shed 9.15 points to 5,188.55 points.
Marketmen said cautious investors were seen booking profit after
a recent surge in fundamentally strong stocks.
Software major TCS fell by over 1 per cent, while ICICI Bank was down by nearly 1 per cent in early trade.
In Asia, Japanese Nikkei was trading 0.38 per cent lower while Hong Kong's Hang Seng Index was unchanged in early trading.
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