The Sensex has moved back to higher levels and is now up 182 points at 10,531. Earlier in the day, the touched a high of 10,655, and then slipped to a low of 10,419.
Reliance Communications has zoomed 9% to Rs 214. Larsen & Toubro and Mahindra & Mahindra have soared around 7% each to Rs 768 and Rs 449, respectively.
DLF and HDFC have surged nearly 6% each to Rs 215 and Rs 1,675, respectively.
Tata Steel and Bharti Airtel have rallied 4.3% each to Rs 234 and Rs 666, respectively.
Hindalco has gained 4% at Rs 59. Reliance Infrastructure and ICICI Bank has advanced around 3.5% each to Rs 597 and Rs 373, respectively.
HDFC Bank has added nearly 3% to Rs 1,065. Tata Motors, ONGC, NTPC and Sterlite are the other major gainers.
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Hindusan Unilever has plunged 2.5% to Rs 225. Ranbaxy has dropped 2% to Rs 183.
Infosys, Grasim and ACC have slipped around 1.5% each to Rs 1,399, Rs 1,577 and Rs 591, respectively.
Wipro and ITC are down over 1% each.
The market breadth is fairly positive - out of 2,398 stocks traded so far, 1,641 have advanced, 679 have declined and the rest are unchanged.