Markets started the first day of January F&O series on a positive note, amid firm global cues, led by oil shares on the back of the proposed gradual hike in diesel and kerosene prices.
The 30-share Sensex provisionally ended up 131 points at 19,455 and the 50-share Nifty ended up 38 points at 5,909.
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(Updated at 14:40hrs)
Indian shares pared gains in late afternoon trades on Friday as investors booked profits in banks ahead of the year end book closing.
Risk appetite was also frail ahead of 'fiscal-cliff' talks in Washington to prevent automatic tax hikes and spending cuts by year end that may push world's biggest economy into recession.
At 2:40PM, the Bombay Stock Exchange's Sensex index rose 54.75 points and traded at 19,378.34 while the National Stock Exchange's Nifty-50 index gained 16.40 points at 5,886.20.
Meanwhile, Asian shares ended up on hopes of quick resolution to US 'fiscal cliff' as lawmakers initiated talks in Washington.
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China's Shanghai Composite rose 1.24% to 2,233, Singapore's Straits Times rose 0.18% to 3,185, Hong Kong's Hang Seng was up 0.21% to 22,666 while Japan's Nikkei gained 0.7% to 10,395.
MSCI Asia Pacific index outside Japan rose 0.49% to 898.67.
Europe too opened on a positive note. France's CAC gained 0.12% to 3,679, Germany's DAX rose 0.01% to 7,661 while UK's FTSE was up 0.33% to 5,974.
On the domestic front, oil & gas, power, metals, autos, consumer durables, PSUs, capital goods lead gains while pharmaceuticals, banks and real-estate dropped on BSE.
Among key Sensex stocks, Hindalco and Sterlite Industries rose 1% and 2%, HDFC gained 0.22%, ONGC rose 2.3%, Reliance Industries was up 2%, while in auto space Maruti Suzuki and Tata Motors rose 1.4% and 0.3% on BSE
The laggards include Sun Pharma declined 1.5%, Mahindra and Mahindra fell 0.7%, Bharti Airtel falling 0.3%, SBI declining 0.5% and Tata Steel dropped 0.51% on BSE.
The other notable movers include, Manaksia Limited that has surged over 13% to Rs 57 after the company said its board approved the restructuring plans of the company.
Shares of public sector undertakings (PSU) oil marketing companies (OMCs) like BPCL, HPCL and IOC are trading higher by up to 4% on reports that the Government is looking at the option of increasing diesel and kerosene prices by Rs 10 per litre in phases.
The BSE mid-cap and small-cap rose nearly 0.1-0.5%.
The overall market breadth is strong as 1,428 stocks advanced while 1,283 stocks declined on the BSE.