The Sensex has now extended gains and is now up 228 points at 9,232.
Updated at 1435 hrs
The Sensex has bounced back to higher levels and is now up 138 points at 9,142. Earlier in the day, the index opened 74 points higher at 9,078, and after moving further up the index pared gains and touched a low of 9,054.
Ranbaxy has soared 6.6% to Rs 212, and Tata Motors has surged 5% to Rs 147.
ICICI Bank has rallied 4.3% to Rs 398, and ONGC has gained 3.7% at Rs 644.
Mahindra & Mahindra has advanced 3.3% to Rs 281. Wipro, Reliance, Larsen & Tourbo and ACC have moved up around 3% each to Rs 233, Rs 1,264, Rs 657 and Rs 501, respectively.
Grasim and Hindusan Unilever have added 2.7% each to Rs 1,213 and Rs 260, respectively.
Tata Steel and Reliance Infrastructure are up 2.5% each at Rs 553 and Rs 177, respectively.
Reliance Communications and Maruti have plunged 4% to Rs 164 and Rs 516, respectively.
The market breadth is marginally positive - out of 2,413 stocks traded so far, 1,288 have advanced, 1,022 have declined and 103 are unchanged.
