At 10.24 AM, the Sensex is trading up 128.91 points or 0.69% at 18864.51, and the Nifty up 39.30 points or 0.70% at 5690.65. ONGC continues to be the best performing stock, up 4.2 percent.
Other gainers on the indices include NTPC, HDFC, Jindal Steel, Maruti Suzuki and DLF. Top frontline losers at this hour are Bajaj Auto, Bharti Airtel, Coal India, Dr Reddy's Labs, Hero MotoCorp and HCL Tech.
Banking stocks have revived after the steep fall in last few sessions. HDFC is the biggest gainer with 2.29 percent followed by SBI, ICICI Bank, Axis Bank (over 1 percent upmove) and HDFC Bank.
Among the midcaps, Jubilant Life is the top grader, jumping over 5 percent while CORE education gained over 4 percent.
Equity benchmarks surged in early trade after six consecutive sessions of decline. Market experts attributed the recovery mainly to technical factors, as shares were beginning to look oversold, and also due to the firm trend in global markets. However, they are skeptical if the recovery can be sustained.
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