Sensex ended at 17,933.14, up 218.74 points and Nifty closed at 5363.30, up 58.85.
Barring SAIL, banking & financial, capital goods, auto and metal along with heavyweight Reliance Industries were the major gainers.
European markets bounced back sharply and were trading 0.7-1pc higher. The US index futures were marginally in the green.
Sensex up 237 pts; metal, banks shine
Nifty bounced back and was trading above 5350 amidst positive bias. Consumer durables, banks, oil&gas, auto, capital goods, metal, power and IT stocks were witnessing buying interest. The BSE sectoral indices were in green.
At 12.50 pm, Sensex was up 237.85 points at 17,952.25, and the Nifty was up 64.50 points at 5368.95.
In the largecap space, the top gainer was HDFC. Jaiprakash Associates, Tata Motors, Cairn India and IDFC gained 2.5 to 3pc, while Bharti Airtel, Power Grid Corp, Idea Cellular, Unitech and HCL Tech down 0.5 to 1pc were the losers.
Top gainers on the BSE Midcap: Ruchi Soya, Sunteck Realty, CRISIL, Guj Flourochem and Whirlpool moved up 4 to 5pc.
Top losers on the BSE Midcap: Gillette India, Triveni Engg, Shree Renuka, Gujarat NRE Coke and Pidilite Industries slipped 1 to 4pc.
Top gainers on the BSE Smallcap: Ballarpur Industries, Shriram EPC, Diamond Cables, Bliss GVS and Geojit BNP shot up 9 to 15pc.
Top losers on the BSE Smallcap: JMD Telefilms, Mah Polybutenes, Vindhya Telelink, Centrum Finance and Rollatainers lost 3 to 5pc.
Asian markets were trading strong. European markets opened in the green with over 1pc gain.
Nifty crosses 5300; Tata Motors up 2pc
Nifty recovers to cross the 5350 level supported by buying interest in oil & gas exploration, capital goods, banking & financial, technology, auto and select metal companies' shares.
At 10:21 am, Sensex was trading at 17869, up 155 points and the Nifty was at 5342, up 38 points.
Tata Motors was trading at Rs 792.35, up 2.38pc (UK's Land Rover sales rose 67pc(YoY) at 11,300 vehicles, registering its highest monthly sales in company's 62 year history), BHEL was at Rs 2,551.50, up 2.30pc.
HDFC was at Rs 2,784, up 2.18pc; Reliance was at Rs 1,122.90, up 1.69pc; Siemens was at Rs 753.50, up 1.82pc and GAIL was at Rs 433.95, up 1.68pc.
However, SAIL, HUL, Power Grid, Bharti, PNB, Idea, ACC, Ambuja Cements, Unitech and BPCL were on the losing side.
Today's new listing - Shree Ganesh Jewellery was trading at Rs 168, lost 35.38pc from its issue price of Rs 260.
The broader indices were up 0.7-1.35pc; about 2045 shares advanced while 843 shares slipped on the BSE. Nearly 349 shares were unchanged.
In the midcap space, Ruchi Soya, Sunteck Realty, Karnataka Bank, EIH and Core Projects shot up 3.6 to 6.7pc. However, Triveni Engg, Blue Dart, Central Bank and Essar Shipping tanked 1.4 to 3.5pc.
In the smallcap space, Ballarpur Industries was locked at 20pc upper circuit post management comments, while Diamond Cables, Geojit BNP, Graviss Hospital and Ruchinfra surged 8 to 13pc.
However, Rollatainers, Sanwaria Agro, JMD Telefilms, Gulf Oil Corp and Garware Offshore declined 2 to 4.4pc.
Asian markets were trading higher with the exception of Kospi. Hang Seng gained 1.4pc and Shanghai rose 0.5oc. Nikkei, Straits Times and Taiwan were flat while Kospi slipped 0.9pc.
Mkts open on positive note; Reliance Infra up
Markets opened on a positive note after ending flat on Apr 8 owing to sell-off due to Greece woes. Indices reclaimed half of its Thursday's, Apr 9 losses.
All the sectors including oil & gas, auto, realty, power and banking stocks were seeing buying interest.
At 9:02 am, the Sensex was trading at 17829, up 114 points and the Nifty was at 5331, up 27 points.
Among the frontliners, the gainers in the early trade were Tata Motors, Hero Honda, Hindalco, ICICI Bank, Tata Steel, Reliance Infrastructure, Ranbaxy Labs, DLF, Jaiprakash Associates, Reliance Capital, HDFC and Axis Bank.
Tata Motors surged 1pc following the 67pc (YoY) gain in its UK's Land Rover sales at 11,300 vehicles, making it highest monthly sales in company's 62 year history.
Today's new listing - Shree Ganesh Jewellery was trading at Rs 201, slipped 23pc from its issue price of Rs 260.
Midcap & Smallcap Space:
Geojit BNP Paribas shot up 11pc.
Sesa Goa and Gujarat NRE Coke tanked 0.5 to 0.8pc.
PBA Infra, Voltas and Maytas Infra went up 1 to 2pc.
Mid-Day Multimedia gain 2.5pc. Rakesh Jhunjhunwala sold 22.5 lakh shares (4.26pc stake) at Rs 31.69/share on NSE.
Ballarpur Industries rose 2pc.
Spanco jumped 7pc, as it receiveds an order worth Rs 284 crore from Punjab State Electricity Board.
Asian markets were trading mixed. Kospi dipped 1.22pc while Hang Seng jumped 0.85pc. Nikkei, Shanghai, Straits Times and Taiwan were flat.