The Sensex closed at 17503, up 123 points and the Nifty was at 5254, up 38 points.
Reliance Industries, ICICI Bank were the top gainers.
At the time of the closing of the Indian markets, European markets were trading 0.5pc higher post two-day sell-off.
However, closed on mixed trade. Shanghai and Hang Seng slipped 0.8 to 1.1pc. Kospi and Taiwan lost 0.3pc each. However, Jakarta and Straits Times surged 0.8pc each.
Nifty trades in narrow range with positive range
Nifty was trading in narrow range between 5225-5250 amidst positive bias. Buying were witnessed in banking & financial, metal, realty and auto companies' shares.
Reliance Industries, BHEL and Bharti along with all other stocks were supported the market to a major extent.
Technology and FMCG companies' shares were continued to experience selling pressure.
At 1:53 pm, Sensex was up 73.16 points or 0.42pc at 17453.24, and the Nifty up 23.95 points or 0.46pc at 5239.40.
Top gainers - Sterlite Industries was trading at Rs 836.75, up 2.90pc; Cairn India was at Rs 309.80, up 2.48pc; Reliance Power was at Rs 161.75, up 2.44pc; Unitech was at Rs 81.40, up 2.39 pc; Tata Motors was at Rs 837.85, up 1.98pc; ICICI Bank was at Rs 935.85, up 1.87pc; Tata Motors was at Rs 835.20, up 1.67pc and Maruti Suzuki was at Rs 1,291, up 1.57pc.
Top percentage gainers - RR Finance surged 20pc, Cholamandalam, Eicher Motors, Bhartiya International, MSK Projects and Enkei Castalloy gained 11.5 to 17pc.
Sensex up 60pts; RIL gains
Benchmark Sensex was trading marginally higher amid volatility. Markets were supported by banking & financial, realty, metal, auto, cement and power stocks (barring Power Grid) companies' shares, helped to major extend by heavyweight Reliance Industries.
However, the gains were limited to a major extend by selling in technology and FMCG companies' shares capped the gains to major extent.
At 10:34 am, Sensex was trading at 17440, up 60 points and the Nifty was at 5234, up 19 points.
In Benchmark Nifty, the top loser was Power Grid, down 3.5pc. ONGC, GAIL, HDFC Bank, L&T, Sun Pharma and Kotak Mahindra among the losers.
The most active shares on the bourses were Visa Steel, MindTree, LIC Housing Finance, Reliance Natural Resources, ARSS Infra, Reliance Industries, Tata Steel and SBI.
In the midcap space, Eicher Motors went up 14.91pc, as its Q4 net profit was up at Rs 40.2 crore versus Rs 15.8 crore, (YoY).
Prakash Industries, IFCI, Jet Airways and Dena Bank were up 4.7 to 5.5pc. However, MindTree dipped 10pc post numbers. Motilal Oswal, Exide Industries, Gee Kay Finance and DB Corp lost 2 to 4pc.
In the smallcap space, ITD Cementation, Cambridge Solutions, Uflex, MSK Projects and OM Metals Infra declined 6 to 10pc while Rollatainers, Navin Fluorine, Websol Energy, Ingersoll Rand and Lanco Industries lost 3 to 5pc.
Asian markets were mixed in trade. Straits Times shot up 1pc. Shanghai and Jakarta surged 0.3pc each. However, Kospi fell 0.4pc. Hang Seng and Taiwan Weighted were flat. Japan's Nikkei closed today.
Nifty bounces back on short covering
Benchmark Nifty bounce back in the opening trade on the back of short covering post sell-off on Apr 28, led by global cues. The markets were volatile ahead of the expiry on Apr 29.
Buying interest were seen in banking, realty, metal, auto and select power companies' share. Heavyweight Reliance too rose.
At 9:02 am, Sensex was trading at 17475, up 95 points and the Nifty was at 5240, up 26 points.
HDFC was up 1.5pc following the company's decision to consider stock split on May 3.
Among the frontliner, the gainers in the early trade include DLF, SAIL, Reliance Power, ABB, Cairn India, Tata Motors, Sterlite Industries, Tata Steel, Maruti Suzuki, Jaiprakash Associates and Unitech.
Power Grid, ITC, HUL, Infosys and Ambuja Cements were trading in red.
Asian markets were mixed in trade. Shanghai gained 0.2pc, Jakarta surged 0.4pc and Straits Times shot up 0.7pc. However, Hang Seng and Taiwan tanked just 0.1pc. Kospi dipped 0.57pc.