Ne Delhi: The BSE Sensex trimmed its initial gains but was trading up 130 points in late morning trade, breaking its two-session losing streak on value-buying by investors and optimism ahead of GST Council meeting.
Buying by domestic institutional institutions (DIIs) and a firm trend on other Asian bourses, tracking overnight gains in the US markets, influenced trading sentiment.
Expectations that the GST (goods and serivces tax) Council might give some relief to some sectors by slashing the indirect tax rates at its meeting which begins today also supported the rebound.
The 30-share Sensex, which had lost 512.38 points in the previous two straight sessions, resumed higher at 33,376.62 and hovered in a range of 33,463.80 and 33,335.97 in late morning trade. It was last trading at 33,349.94 up by 131.13 points or 0.39 percent.
On similar lines, the NSE 50-share Nifty was also trading up by 46.95, or 0.46 percent to 10,350.10.
Major gainers were Hindustan Unilever, Tata Steel, SBI, Sun Pharma, Reliance Industries, ONGC, NTPC, Dr Reddy's, Asian Paint, Axis Bank, ICICI Bank, Wipro, Infosys and Bharti Airtel, posting gains of up to 2.14 percent.
Tata Motors also rose 1.82 percent ahead of its Q2 earnings to be announced later in the day.
Among other Asian markets, Hong Kong's Hang Seng was up 0.96 percent, while Japan's Nikkei rose 1.98 percent in early trade. China's Shanghai Composite Index was up 0.05 percent.
The US Dow Jones Industrial Average ended 0.03 percent higher in yesterday's trade.