However, the gain was limited to an extent due to selling in oil & gas, FMCG & realty stocks along with JSPL, Hindalco, Maruti, M&M and Reliance Communication.
BSE Sensex closed at 16,042.18, up 106.57 points or 0.67pc and NSE Nifty was up 0.68pc or 32.25 points at 4,792.65.
Technology and cementstocks fared the best in todays session. Infosys and Wipro gained 2.9pc% each. TCS and HCL Tech shot up 1.5pc each.
In the cement space, Grasim with 4.7pcm gain was the top gainer in Nifty. ACC and Ambuja Cements rallied 3pc each.
In the banking space, Axis Bank rose 1.5pc. SBI and ICICI Bank rose 0.7 to 0.9pc, while PNB and HDFC Bank were up 0.3pc each.
Among the capital goods stock, L&T, Jaiprakash Associates and Siemens gained over 1.1pc. BHEL surged 0.2pc. However, ABB was down 0.78pc.
In the global cues, recovery in Asian Market helped to strengthen the market. Taiwan and Straits Times were up 2pc each. Kospi and Hang Seng gained over 1.1pc and Jakarta and Shanghai moved up 0.5pc each. However, Nikkei tanked just 0.2pc.
Nifty inches towards 4800 mark; RIL tanks
After Sensex touched the 1600 mark, Nifty was seen inching towards 4800 mark, following trading at narrow band of 4760-4790.
IT stocks were faring the best, followed by auto, pharma, FMCG, power and banks stocks.
At 13.02 pm, Sensex trading at 16043.91, up 108.30 points or 0.68pc and Nifty was up up 39.85 points or 0.84pc at 4800.25.
In the largecap space, the top gainer was Wipro with 2.5pc rise, while Hero Honda, ACC, Infosys and Grasim up 2pc each were among the gainers.
HPCL was up 0.64pc at Rs 345.55 from its previous close of Rs 343.35.
From its previous close of of Rs 2,400.75, tech major Infosys was trading at Rs 2,458.05 up 2.39pc. Cigarette major ITC was trading at Rs 246.15 up 0.39pc from its previous close of Rs 245.20.
However, Index heavyweight Reliance fell 0.64pc at Rs 990.00 from its previous close of Rs 996.35. Hindustan Lever tanked 0.66pc at Rs 233.70 down 0.66% from its previous close of Rs 235.25.
In the cement space, Grasim, ACC and Ambuja Cements shot up 2.5pc each.
DLF, Suzlon Energy, BPCL, Unitech and Hindalco down 1.4 to 2.5pc were the losers.
Top gainers in BSE Midcap include, AstraZeneca, Patni Computer, Jubilant Org, Lupin and Future Capital with 3 to 6pc gain.
Top losers in BSE Midcap were Gujarat NRE Coke, Shriram City, Indiabulls Real, Prakash Industries and Core Projects down 2 to 4pc.
Top gainers in BSE Smallcap were Goodyear, Kaveri Seed, KPIT Cummins, Gati and Taj GVK Hotels with 7 to 20pc gain.
Top losers in BSE Smallcap were Swaraj Mazda, Advani Hotels, CMI FPE, PVP Ventures and Hinduja Foundri with a lost of 4 to 9pc.
Sensex touches 16k; tech, auto up
Supported by buying interest in technology, metal, auto, pharma, select capital goods, banking and power stocks, Sensex touched the 16000 mark, Nifty too rose towards the 4800 level.
However, the gains were capped to major extent due to selling in oil & gas and realty stocks along with HUL, Sterlite Industries, HDFC Bank, Reliance Communications, PNB and Suzlon Energy.
At the session Sensex was up 58 points at 15994, and Nifty was trading at 4779, up 19 points.
In technology space, TCS, Infosys, Wipro and HCL Tech were up 1.6pc each.
In Nifty, the top gainer was SAIL with nearly 3pc gain.
Among the metal stocks, Tata Steel was up 1.4pc and Jindal Steel rose 0.5pc, while Sterlite and Hindalco were down 0.4 to 0.5pc.
In the auto space, Hero Honda was up 1.9pc, Tata Motors up 1.24 pc and M&M and Maruti rose 0.4 to 0.6pc.
On the other hand, Reliance Industries and ONGC dipped 0.34 to 0.6pc. BPCL was down 1.4pc.
The most active shares on the bourses, Jubilant Foodworks, Infinite Computer, Tata Steel, Sesa Goa, ICICI Bank and Unitech were the most active.
Top percentage gainers on the BSE were Goodyear locked at 20pc upper circuit. Cochin Minerals and Premier Energy was up 12.7pc each, while Pasupati Fincap and Hella India were locked at 10pc upper circuit each.
In the midcap space: AstraZeneca, Jubilant Org, SKF India, Emami and Central Bank rose 3 to 7pc. However Blue Dart, Motherson Sumi, Parsvnath, Jain Irrigation and Info Edge tanked 1.5 to 3pc.
In the smallcap space, Gati, Money Matters, Stride Arcolab and Oil Country gained 6 to 9pc while Swaraj Mazda, CMI FPE, Maharashtra Polybutenes, Hinduja Foundries and Cholamandalam was down 4 to 8.5pc.
Nifty opens flat; tech, metal gain
Nifty opened on a flat note for the second day, amidst volatility with a tendency to go negative, owing to mixed cues of Asian Market.
Tech and metal stocks witnessed gain. However, realty, capital goods, private banking & financial and oil & gas stocks were under pressure.
At 9:02 am, Nifty was trading at 4742, down 18 points and Sensex was down 65 points at 15870.
Among the frontliners, the losers in the opening trade were Sterlite, Unitech, DLF, Suzlon Energy, PNB, ICICI Bank, HDFC Bank, ONGC, L&T, Reliance Industries, IDFC, Jaiprakash Associates and Jindal Steel.
SAIL gained 2.5 pc following the company's decsion to issue bonus shares before its follow-on public offering (FPO), media report said.
Folloiwng clear chit given by WHo in Nov 2009 after the inspection of its Ranbaxy"s Paonta Sahib plant, Ranbaxy Labs rose 1.5pc.
Idea Cellular, Bharti Airtel, Reliance Communications, ITC, Wipro and Infosys were among the gainers.
Midcap & smallcap space:
Jubilant Foodworks shot up 5pc, following 65pc rally on Feb 8 .
The approval to issue 6 million shares to promoters at Rs 80/share has helped Subex to gain 7pc.
Vishal Retail was up nearly 5pc.
Fame India rose 5pc, while Deepak Fertiliser shot up 2.5pc.
However, Shree Ashtavinayak declined 3.3pc, Inox lost 0.5pc.
Asian markets were trading mixed. Taiwan gain 1.5pc, Kospi surged 0.5pc and Shanghai rose 0.26pc, while Hang Seng, Nikkei and Straits Times slipped 0.1 to 0.44pc and Jakarta lost 1pc.