The Indian equity benchmarks staged a gap up opening on Thursday ahead of the monthly expiry of July futures and option contracts amid positive cues from other Asian markets. Asian shares managed a semblance of calm on Thursday as the US Federal Reserve signalled it was in no rush to taper stimulus, though the mood was fragile as investors waited to see if Beijing could stem the recent bloodletting in Chinese shares.
As of 9:25 am, the Sensex was up 202 points at 52,645 and Nifty 50 index advanced 59 points to 15,768.
Overnight, US stocks and the dollar slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.
The Dow Jones Industrial Average fell 0.36 per cent, the S&P 500 was flat, while the tech-focused Nasdaq Composite rebounded 0.7 per cent after hitting its lowest in more than two months on Tuesday.
Back home, seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index's over 1 per cent gain. Nifty Metal, PSU Bank and Realty sector gauges were also trading higher in the range of 0.3-0.8 per cent.
On the other hand, Nifty Auto, Bank, Pharma and Private Bank indices were trading on a subdued note.
Mid- and small-cap shares were trading marginally higher as Nifty Midcap 100 index and Nifty Smallcap 100 indices rose 0.2 per cent each.
Reliance Industries, HDFC Bank, HCL Technologies, Infosys and State Bank of India were among the top movers in the Sensex.
Tata Motors was top Nifty gainer, the stock rose 3 per cent to Rs 293 after news agency PTI reported that the company will increase prices of its entire range of passenger vehicles from next week.
HCL Technologies, Hindalco, Titan, JSW Steel, Tata Steel, Mahindra & Mahindra, Tech Mahindra, IndusInd Bank and Reliance Industries also rose between 0.6-2 per cent.
On the flipside, Maruti Suzuki, ONGC, Eicher Motors, Cipla, Bharat Petroleum, Britannia Industries, Dr Reddy's Labs, HDFC and Coal India were among the losers.
The overall market breadth was positive as 1,805 shares were advancing while 814 were declining on the BSE.