The Indian benchmark indices including the Sensex and Nifty have extended the morning gains with Nifty up 31 points, trading at 11,606, while the Sensex added 92 points and is trading at 38,657.
Nifty Energy is the outperforming sector, up 1 percent led by HPCL and BPCL which jumped 2-3 percent followed by Indian Oil Corporation, ONGC and Reliance Industries.
Oil companies gained as oil prices retreated amid signs that global markets remain adequately supplied. Brent crude futures were at USD 74.21 per barrel at 0635 GMT, down 30 cents from their last close. It has risen 12.8 percent since March.
IT and media stocks are showing some gains led by HCL Tech, Tech Mahindra, Infosys, TCS Oracle Financial Services and Infibeam.
Zee Entertainment, PVR, Network18, DEN Networks and UFO Moviez are the top gainers from the media space.
From the BSE midcap space, the top gainers are Reliance Nippon which jumped 9 percent followed by SAIL, GRUH Finance, Rajesh Exports and DHFL while the top losers are Reliance Power, Cholamandalam Investment, Edelweiss Financial and Indraprastha Gas.
The top gainers from the BSE smallcap space are Dhunseri Ventures which zoomed 18 percent followed by Bank of Maharashtra, Indiabulls Real Estate, CG Power and Capital Trust while the top losers are ZF Steering, Mangalam Cement and Sterlite Tech.
India VIX is down 3.16 percent at 23.87 levels.
The top Nifty gainers include ONGC, BPCL, Indian Oil Corporation, IndusInd Bank and HCL Tech while Tata Motors, UltraTech Cement, Hero MotoCorp, Vedanta and Maruti Suzuki are the top losers.
The most active stocks are Tata Motors, PC Jeweller, YES Bank, Reliance Industries and ACC.
Wipro, Bata India, Bank of Maharashtra and Adani Gas hit 52-week high on NSE while IL&FS Transportation Networks, IL&FS Engineering and Construction, Reliance Communications, Reliance Power, Eveready Industries and HEG hit new 52-week low.
The breadth of the market favoured the declines as 805 stocks advanced and 872 declined while 417 remained unchanged. On the BSE, 999 stocks advanced, 1,211 declined and 135 remained unchanged.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.