The Sensex opened 205 points higher at 10,408, touched a high of 10,438, and soon began to pare gains. The index is now up 36 points at 10,259.
Jaiprakash Associates has zoomed 6% to Rs 72. Reliance Communications has soared 4% to Rs 242.
DLF has surged 3.7% to Rs 283, and Satyam has gained 3.4% at Rs 299.
Hindalco has moved up 3% to Rs 67. BHEL, Sterlite and Wipro have rallied over 2% each to Rs 1,122, Rs 277 and Rs 287, respectively.
ICICI Bank and Tata Steel have advanced 2% each to Rs 419 and Rs 257, respectively.
Tata Motors and HDFC have added nearly 2% each to Rs 248 and Rs 1,913, respectively.
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Mahindra & Mahindra has plunged over 3% to Rs 404. Bharti Airtel and Grasim have shed over 2.5% each to Rs 689 and Rs 1,160, respectively.
ONGC has dropped 1.5% to Rs 768.