Heavyweight Reliance Industries with 2.33pc topped the rally.
Bharti Airtel surged 4pc and became the top gainer on Sensex when the market closed for the day. In the the telecom stock Reliance Communications, Idea Cellular and Tata Teleservices were up 1.5 to 2.2pc.
The BSE Oil & Gas Index gained 1.7pc, HPCL went up 4.24pc and BPCL up 2.18pc. Cairn India, IOC and GAIL rose 0.6 to 1.4pc.
Gammon India which bagged Rs 510 crore order was up 3pc.
Nifty trading below 5100 mark
At 1:10 pm Sensex was up 18.78 points or 0.11pc at 17001.92 and Nifty rose 15.05 points or 0.30pc at 5081.75.
Buying continued in Metal, oil&gas power, realty and capital goods stocks, while pharma banks and auto stocks were facing selling pressure.
In the largecap space, Tata Steel which became the top gainer with 2pc gain had reported sale of 35pc at 4.98 lakh tonne(YoY) in Nov. Buying interest was also seen in Bharti Airtel.
Jindal Steel, BPCL and Ambuja Cements shot up 1 to 2pc.
Losers in largecap space are Hero Honda, Reliance Communication, SBI, Cipla and TCS with 1 to 2pc lost.
BSE Midcap and Smallcap index showed 0.4pc and 0.7pc gain respectively.
The top gainers in BSE Midcap were BF Utilities, Jai Corp, Shriram Transport Finance, Indian Hotels and REI Six Ten 4 to 10pc gain each.
The top BSE MIdcap losers include KGN Industries, Mcleod Russel, Monnet Ispat, Fortis Health and Syndicate Bank down 2 to 5pc.
The top BSE Smallcap gainers were Kernex Micro, NRB Bearings, TIL, Manaksia and Bliss GVS with 7 to 17pc gain, while Maharashtra Ele; Rollatainers, Adhunik Metalik, OCL Iron and Oscar Inv down 3 to 6pc were the top losers.
Dubai financial markets slipped 5.73pc.
Nifty crosses 5,100 mark; Reliance World dips 6pc
Buy interest in oil & gas, metal, capital goods, power, realty, private banking, select auto and telecom stocks has contributed to Sensex crossing the 5,100 mark.
However the gains were capped to a major extend by selling interest in TCS, Infosys, Reliance Communications, Wipro, Cipla and Siemens.
At 10:53 am Sensex was trading at 17,053, up 70 points and Nifty rose at 5,092, up 26 points.
Among the largecaps gainers, BPCL, shot up over 2%. Jindal Steel, Reliance Industries, Tata Steel, Hindalco, Bharti Airtel and Reliance Infrastructure rose 0.7 to 1.6pc each.
In the midcaps, BF Utilities, Havells India, Jai Corp, Praj Industries and Hotel Leela gained 4 to 9.5pc.
On the other hand, KGN Industries, Monnet Ispat, Cadila Health, Atlas Copco and Syndicate Bank slipped 1 to 5pc.
In the smallcaps space, Kernex Micro, Sanghvi Movers, Manaksia, Bhansali Eng and Dolphin Offshore shot up 7 to 14pc while OCL Iron, MVL, TV TodayNetwork, Shristi Infra and Religare Tech fell 3 to 6pc.
Reliance World continued its lost the second consecutive day with a lost of almost 6pc.
Manaksia was locked at 10pc upper circuit.
Sensex trading in green; RIL gains
After on flat note for the second consecutive day, Sensex traded in green.
At 9:56 am, Sensex was up 30 points at 17,013 and Nifty gained 11 points to 5,077.
Metal, capital goods, auto, select technology and telecom stocks along with heavyweight Reliance Industries were trading higher.
Tata Steel rose 1pc as its Nov sales were 35pc at 4.98 lakh tonne (YoY).
L&T which bagged Rs 844 crore worth order from from Nuclear Power Corp rose 0.5pc.
The frontline gainers were Suzlon Energy, Bharti Airtel, Hindalco, Sterlite, BPCL, Reliance Industries, Ambuja Cements, ABB, Jindal Steel, HCL Tech, Idea Cellular and BHEL.
On the other hand Cipla, Reliance Communications, DLF, ONGC and SBI slipped into red.
In the midcap space,the gainers were Rama Newsprint and Manaksia upped 10pc each, Edserv and Firstsource Solutions gained 2.5-3pc, Bajaj Electricals was up 2pc and its Rs 100 crore QIP opened today.
Jet Airways was up 2.5pc, Its domestic passenger traffic in November increased by 33pc and International passenger traffic up 19pc (YoY).
United Breweries Holdings gained 3pc.
Reliance World slipped 3pc.
Among the global cues, Asian markets were trading off day's low. Shanghai plummeted 1.3pc, Hang Seng down 0.5pc. Nikkei, Kospi and Taiwan were marginally in red.
However, Jakarta gained 0.5pc and Straits Times up 0.15pc.
The US dollar gained 0.2pc.