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The 30-share index shot up by 218.19 points to 17,383.18 points, matching with the levels seen on January 20.
RIL surged by 3.8 per cent to Rs 1,066.80 on speculation that its profitability will improve. The company paid Rs 770 crore advance tax for the fourth quarter.
Another blue-chip Infosys rose by Rs 31.15 to Rs 2,732.35.
Brokers said expectations of better fourth quarter results after reports of big corporate such as SBI, Indian Oil and LIC paying higher advance tax lifted the sentiment.
A firm opening in Europe ahead of the US Federal Reserve meeting tonight, also supported the market sentiment in the last 30 minutes of trading.
In 30 stock related counters, 25 gained while five closed with losses. Among sectoral indices, oil and gas, metal and capital goods lent maximum support to the market.
The wide-based National Stock Exchange index Nifty crossed 5,200 points level before ending with a gain of 69.20 points to 5,198.10.
Markets @ 10.00 AM
The BSE Sensex was trading 0.1 percent higher on Tuesday, supported by a small rise in its Asian peers, with Reliance Industries and Larsen & Toubro leading the charge.
Asian shares rose modestly ahead of a Federal Reserve policy meeting expected to reiterate a pledge to keep rates low for a long time.
By 10:08 a.m. (0438 GMT), the 30-share BSE index was trading up 0.1 percent at 17,181.86, with 17 of its components gaining.
"We are just in a lacklustre mode after the rally post the (federal) budget. Also, some amount of investments are getting diverted in the primary market," said Gajendra Nagpal, CEO of Unicon Financial.
Foreign funds have pumped in more than $2.5 billion in Indian equities in 10 sessions to March 14, latest data showed.
A portion of this has been absorbed by primary market offerings and Tata Motor's stake sale by Daimler.
Last week, top iron ore miner NMDC concluded its $2.6 billion share sale while animation firm DQ Entertainment's 1.28 billion rupee initial public offering was more than 84 times covered.
Nagpal said the valuations were not cheap and he expects the market to trade in a narrow range until corporate earnings for the March quarter start trickling in next month.
"After the big event -- the budget -- there are no immediate domestic triggers. Besides, there is no good news flow internationally either," he added.
Energy major Reliance Industries, which has the highest weight on the Sensex, rose 1.3 percent to 1,040.60 rupees.
"Refining margins and petchem margins have started looking up. Besides, Reliance had been an underperformer. So, it is catching up now," Nagpal said.
The stock is down 4.5 percent so far in 2010, while the benchmark shed 1.6 percent.
Engineering and construction firm Larsen & Toubro climbed 0.7 percent to 1,565.80 rupees, after declining 3 percent over five previous sessions.
Financials continued to reel under pressure on fears that rising inflation strengthened the case for a rate hike by the Reserve Bank at its policy review next month.
On Monday, data showed annual wholesale price inflation accelerated to 9.89 percent in February, the highest since
October 2008 and well above the Reserve Bank of India's end-March projection of 8.5 percent and the 8.56 percent January reading.
Leading private lenders ICICI Bank and HDFC Bank dropped 0.8 percent and 1.4 percent respectively, while top lender State Bank of India was trading flat.
In the broader market, gainers outnumbered losers in a ratio of 1.5:1 in a volume of 71 million shares.
The 50-share NSE index was up 0.1 percent at 5,131.60.
Markets @ 09.00 AM (PTI)
The Bombay Stock Exchange benchmark Sensex recovered by over 48 points in the opening trade today on fresh capital inflows from foreign funds amid moderate gains in global markets.
The 30-share index was up by 48.35 points, or 0.28 per cent at 17,213.34 in the opening trade. The Sensex closed 1.63 points down at 17,164.99 points in yesterday's trade.
The wide-based National Stock Exchange index Nifty edged higher by 15.10 points, or 0.29 per cent to 5,144.00 points.
Stock brokers said apart from fresh capital inflows by foreign funds, driven by better trend on the global markets, selective buying by retail investors also supported the recovery in share prices.
Among gainers, Reliance Industries was up 0.95 per cent at Rs 1,037.55, Reliance Infra 0.58 per cent to Rs 980.50, Tata Steel 0.55 per cent to Rs 613.30, Sterlite Industries 0.27 per cent to Rs 828.55, Sun Pharma 1 per cent to Rs 1,642.50, State Bank of India 0.35 per cent to Rs 2,023 and BHEL 0.24 per cent to Rs 2,372.90.
Meanwhile, the Hong Kong's Hang Seng was up by 0.20 per cent, while Japan's Nikkei by 0.23 per cent in the morning trade today. The US Dow Jones Industrial average ended 0.16 per cent higher in the previous session.
 Limited.JPG)
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