However, the gain was capped to a major extent by selling in infrastructure stocks along with ONGC, TCS, Wipro, M&M, ITC, Sterlite Industries, BPCL, Maruti and HDFC Bank.
Sensex closed at 17519.26, up 29.18 points and the Nifty rose 14 points to settle at 5245.90, after seeing an intraday range of 17417.61-17548.13 and 5214.40-5255.65, respectively.
In the midcap space, MRF gained 11.6pc. Kesoram, Aventis Pharma, Apollo Tyres and Berger Paints shot up 6 to 7pc while Andrew Yule, HT Media, STC India, Whirlpool and AIA Engineering dipped 3 to 4.4pc.
In the smallcap space, S Kumars Nationwide rallied 12pc, as it is planning Reid & Taylor's IPO in the next 6 to 8 months. Piramal Life gained 11.43pc, as American Dermatology Association has accepted its presentation on Psorasis.
Greenply Industries, Indian Metals and Ceat went up 8 to 9pc. However, Atco Corp, JMD Telefilms, Maharashtra Polybutenes and Prraneta Ind lost 5pc each.
The markets reported total turnover of Rs 92,735.97 crore, including Rs 13,844.07 crore from the NSE cash segment, Rs 73,500.18 crore from the NSE F&O and the balance Rs 5,391.72 crore from the BSE cash segment.
Nifty down 9 pts; Idea, RCom gain
Nifty was facing resistance after touching 1500 mark. Realty, consumer durables and banks was witnessing marginal buying seen, while selling was seen in FMCG, capital goods and auto stocks.
At 1:08 am, Sensex was down 22.61 points or 0.13pc at 17467.47, and the Nifty down 9.60 points or 0.18pc at 5222.30.
In the largecap space, the top gainer was Idea Cellular. SAIL, Jaiprakash Associates, Reliance Communication and Axis Bank gained 1.6 to 2pc. Mahindra and Mahindra, BPCL, TCS, Wipro and ONGC down 1.5 to 3pc were the losers.
Hindustan Lever was trading at Rs 225.55 up 0.78pc from its previous close of Rs 223.80. Index heavyweight Reliance was trading at Rs 1,072.00 up 0.51% from its previous close of Rs 1,066.55.
Tech major Infosys was trading at Rs 2,767.50 up 1.03pc from its previous close of Rs 2,739.15.
Cigarette major ITC was trading at Rs 260.45 down 0.91pc from its previous close of Rs 262.85. Refinery major HPCL was trading at Rs 322.70 down 2.63pc from its previous close of Rs 331.40.
Top gainers on the BSE Midcap: Aventis Pharma, Apollo Tyres, TataTeleservice, Havells India and Polaris gained 4 to 10pc.
Top losers on the BSE Midcap: Jai Corp, Whirlpool, Motherson Sumi, Mcleod Russel and HT Media dipped 2.5 to 3pc.
Top gainers on the BSE Smallcap: S Kumars Nation, Piramal Life, Greenply Industries, Ratnamani Metal and Kiri Dyes Chem surged 7 to 16pc.
Top losers on the BSE Smallcap: Advani Hotels, JMD Telefilms, Prraneta Ind and Centrum Fin slipped 4 to 6pc.
Sensex up 12 pts; metal, telecom gain
Markets were trading at modest gains amidst volatility. Buying interest were seen in Telecom, realty, metal, select infrastructure and banking stocks along wiith heavyweights Reliance Industries and Infosys.
However, the gains were limited to a major extent by selling in NTPC, TCS, Wipro, ONGC, L&T, ITC, M&M, Maruti, HDFC Bank, BPCL, HCL Tech, Sterlite and PNB.
At 10: 18 am, Sensex was trading at 17517, up 27 points and the Nifty was at 5244, up 12 points.
In the telecom space, Bharti Airtel, Idea Cellular and Reliance Communications shot up 0.7 to 1pc.
In the realty space, DLF and Unitech gained 1 pc each.
In the metal space, SAIL went up 1.6 pc.
Hindalco and Tata Steel surged over 0.7pc.
In the banking space, ICICI Bank, HDFC and Axis Bank gained 1.1 to 1.5pc. SBI was marginally trading in green, while HDFC Bank and PNB tanked 0.4pc each.
The most active shares on the bourses were ARSS Infra, Bajaj Electrical, United Bank, Hindustan Copper, STC India, ICICI Bank and NMDC.
In the midcap space, the gainers were Tata Teleservices, Sun Pharma Advanced, HMT, Havells India and Berger Paints up 3 to 4.7pc, while KGN Industries, Jai Corp, Amtek Auto, Whirlpool and Thomas Cook down 1.7 to 5pc were the losers.
In the smallcap space, Piramal Life gained 14.01pc. Ratnamani Metal, Unichem Labs, S Kumars Nationwide and Thinksoft rose 5 to 7pc while JMD Telefilms, Subhkam Capital, Prraneta Ind and Maharashtra Elektrosmelt dipped 5pc each
Mkts open on a positive note;ICICI, Infy gains
The benchmark Nifty open on a positive note with some consolidation, as the index rallied for the last two consecutive days.
At 9:02 am, the Nifty was trading at 5241, up 10 points and the Sensex was at 17525, up 35 points.
Among the frontliners, gainers in trade were Idea Cellular, SAIL, BPCL, ICICI Bank, Infosys, Jaiprakash Associates, Reliance Infrastructure, Bharti Airtel and Sun Pharma, while NTPC and IDFC were on the losing side.
Today's listing - United Bank of India was trading at Rs 73.20, up 10.9pc over its issue price of Rs 66.
TTML surged 7pc, as the company will divest 100pc stake in tower subsidiary to Quippo-WTTIL. The deal was valued at Rs 1,318 crore.
SREI Infra will hold 12pc stake in Quippo post merger; the stock rose 1pc.
Asian markets were trading mixed. Nikkei, Straits Times and Jakarta slipped while Shanghai, Kospi and Hang Seng surged.