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The BSE Sensex surged by 156 points in late morning trade on fresh buying, mainly in banking, consumer durable, capital goods, realty and auto sectors, despite weakness in the global market.
Shares of public sector oil refining-cum-marketing companies (PSU OMCs) rose after the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas said that the under-recovery on High Speed Diesel (HSD) applicable for first fortnight of January 2014 fell to Rs 9.74 per litre from Rs 10.48 per litre during the second fortnight of December 2013.
The BSE Sensex resumed higher at 21,179.91 and hovered in a range of 21,332.32 and 21,140.58 before quoting at 21,296.17 at 1030 hrs, showing a gain of 155.69 points, or 0.74 per cent, from its last close.
The NSE Nifty also firmed up by 45.30 points or 0.72 per cent to 6,346.95 at 1030 hrs.
Major gainers were Axis Bank (2.19 per cent), HDFC (1.65 per cent), ICICI Bank (1.53 per cent), Gail India (1.25 per cent), HDFC Bank (1.20 per cent), Maruti Suzuki India (1.15 per cent) and State Bank of India (1.00 per cent).
Asian stocks edged lower in their early trade after gauges of manufacturing in China declined. Key benchmark indices in China, Hong Kong, Taiwan and South Korea were off 0.12 per cent to 1.42 per cent while Singapore's Strait Times was quoted higher by 0.17 per cent. Japanese stock markets remained closed for a holiday.