Mumbai: Paring its early losses, the benchmark BSE Sensex rose by 158 points on buying in pharma, FMCG, power and auto stocks.
The broader market also gained with BSE Midcap and Smallcap indices gaining over 0.5 percent.
The Sensex had opened lower by 109 points, while NSE Nifty had fell below the 8,500 level due to weak Asian cues.
At 1050 hrs, the Sensex was trading at 28,340.17 points, up by 158.03, or 0.56 percent, from previous close.
The 50-share Nifty also moved up by 34.35 points or 0.40 percent to 8,563.80.
Sun Pharma rose by over 2 percent on value buying adter recent falls. Among other major gainers, Bajaj Auto rose 1.98 percent, Cipla by 1.88 percent, HDFC 1.78 percent, HUL by 1.74 percent, M&M by 1.53 percent, Reliance 1.08 percent and Wipro by 1.00 percent.
However, Vedanta fell by 3.04 percent followed by Infosys by 1.14 percent, Tata Steel by 0.91 percent and TCS by 0.81 percent.
While, Foreign portfolio investors (FPIs) sold shares worth a net Rs 226.88 crore yesterday, as per provisional data released by the stock exchanges.
Among Asian stocks, key benchmark indices in Singapore, Taiwan, Hong Kong, China, Japan and South Korea fell by 0.07 percent to 1.12 percent.
In New York, US stocks dropped yesterday, on weak earnings from bellwethers International Business Machines Corp. (IBM) and United Technologies Corp.