At about 9.30 am, the Sensex was up 156.25 points or 0.47 per cent at 33,105.46 while the NSE Nifty rose 0.48 per cent or 48.95 points to 10,215.65.
Mumbai: Key Indian equity indices on Thursday surged to provisionally close with appreciable gains led by robust buying in auto, consumer durables and capital goods stocks. The Sensex and the Nifty had fallen in six of the previous seven sessions. SBI, ICICI Bank, Axis Bank, HDFC Bank, Bank of Baroda, Punjab National Bank and Yes Bank fell by up to 2.27 percent.
Selling pressure also gathered momentum in other stocks such as Sun Pharma, Tata Steel, Hero MotoCorp, Bajaj Auto, M&M, Adani Ports, Wipro, NTPC and L&T.
Overseas, the Asian markets saw the shares of most of the companies decline, since investors across the globe have an eye on the final tax legislation in the U.S., where policy uncertainty kept sentiment in check.
Buying by retail investors and domestic institutions has gathered momentum amid strong global cues. Polls indicate a victory for the ruling Bharatiya Janata Party (BJP), but with a greatly reduced majority.
"Markets will now look out for the Gujarat election outcome".
In the global markets, Asian shares hovered near two-month lows on Thursday as softer oil and copper prices and uncertainty over United States policy kept many investors on the sidelines, even as some high-tech bellwethers bounced back after a searing sell-off. The stock ended down 2.05 per cent or Rs 4.30 at Rs 205.45.
Japan's Nikkei led the way as the yen eased on the dollar, rising 1.1 per cent on top of Thursday's 1.45 per cent bounce to be nearly back where it started the week.
Overnight on Wall Street, the Dow rose 0.29 per cent, the S&P 500 gained 0.29 per cent and the Nasdaq 0.54 per cent.