At 9.25 am IST, the BSE Sensex was trading at 16,162, up 132 points, while the Nifty was up 42 points over Wednesday's close.
Most of the Asian indices apart from Japan's Nikkei were firmly in the green and marketmen believe that this is more of a technical bounce and pressure on the markets is likely to persist.
Among the stocks that gained in trade today were ITC, Ranbaxy Laboratories, IDFC and DLF. Among the stocks that lost ground today were Infosys Technologies, Tata Motors, Grasim and HCL technologies.
Markets are likely to remain rangebound today and take cues from Europe, which is set to open on a flat note later in the day. Any negative newsflows from Greece, is likely to see a sharp setback for the markets once again.