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Benchmark indices are trading firm led by buying demand among financials, capital goods and metal shares.
By 1300, Sensex surged by 83 points at 18,099, and the Nifty was up 33 points at 5,817 levels.
On the global front, Japanese shares powered to nearly 5-year highs and determined sellers just failed to breach the symbolic 100 yen/dollar level on Monday, even though the Bank of Japan's bold reflationary plans were endorsed by the Group of 20 gatherings in Washington. While oil and gold rebounded after last week's a sharp sell-off, investors remained wary of volatility due to uncertain global growth prospects, hitting industrial metals such as copper.
European stock markets were seen recovering, with financial spreadbetters predicting London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX would open between 0.4 to 0.8% higher.
Back home, the rupee dropped by 16 paise to 54.12 against the American currency in the late morning trade on fresh dollar demand from banks and importers on the back of higher dollar in the overseas market.
The second part of the Budget session of Parliament began on a stormy note today as members from various parties forced adjournment of Lok Sabha on various issues, including heckling of Mamata Banerjee, incidents of rapes and demand for separate Telangana.
On the sectoral front, BSE Consumer Durable index has surged by almost 4% followed by counters like Banks and Capital Goods, both gaining by nearly 2% each. Sectors like Metal, PSU, Power, Oil & Gas, FMCG and Auto have increased between 0.1-1%.
The banking space gained ahead of the RBI meet on May 3rd on hopes of a rate cut by the RBI. HDFC Bank, HDFC, SBI and ICICI Bank have gained between 1-4%.
Capital Goods shares like L&T and BHEL have gained between 1.5-2%.
Other notable gainers include Coal India, Hero Moto, Tata Steel, NTPC, Sun Pharma and RIL.
On the losing side, Wipro is the top Sensex loser, all slumping down by nearly 9%. Infosys, ONGC, M&M and Dr Reddy’s Lab have declined between 1-2%.
Among other shares, Nomura has downgraded Titan Industries to a 'Neutral' rating following a fall in gold prices amidst uncertain demand environment. The brokerage has slashed its price target on the company by almost a fourth to Rs 250 from Rs 321. Shares of Titan were last trading 5% higher at Rs 272.75 on BSE.
The jewellery manufacturers and retailers stocks are in demand on the bourses after the gold futures extend its gain on the Multi Commodity Exchange (MCX).
Titan Industries, Gitanjali Gems, C Mahendra Exports, Shrenuj & Co and Tribhovandas Bhimji Zaveri are trading higher in the range of 2-5% on the Bombay Stock Exchange.
Gitanjali Gems was trading higher by 4% to Rs 625, followed by Shrenuj & Co (up 3.5% at Rs 85) and C Mahendra Exports (up 3% at Rs 84.30).
Meanwhile, BSE Midcap index has gained by 0.78% whereas BSE Smallcap index is higher by 0.56%.
The market breadth in BSE remains healthy with 1,109 shares advancing and 958 shares declining.
