Indian equity benchmarks extended rally during the noon trading session amid volatility, mirroring positive cues from the European markets, coupled with buying interest in the beaten down but fundamentally strong stocks.
At 14:18 hours, the 30-share benchmark index, Sensex was up by 148.22 points or by 0.58 per cent at 25889.78, while NSE Nifty was at 7881.45 up by 72.45 points or by 0.93 per cent.
Sentiments of the investors remained upbeat after Finance Minister said that the economy is in a revival phase and hint that it will clock a growth rate in excess of 8 per cent in 2015-16, after the total indirect tax collections during the first four months of the fiscal rose by 37 per cent.
In the choppy trade so far, Sensex touched an intraday high of 26124.83 and an intraday low of 25298.42, while the NSE Nifty touched an intraday high of 7925.4 and an intraday low of 7667.25.
Meanwhile, the Indian currency recovered from its day's low, up 12 paise to 66.51 against dollar, bolstering trader"s sentiments.
Buying activities were primarily witnessed in stocks including Vedanta Ltd. (Rs. 84.90,+5.79%), NTPC Ltd. (Rs. 121.45,+5.70%), Tata Motors Ltd. (Rs. 323.60,+4.49%), ICICI Bank Ltd. (Rs. 280.85,+4.08%), Tata Steel Ltd. (Rs. 214.50,+4.05%), among others.
However, Housing Development Finance Corporation Ltd. (Rs. 1148.95,-1.53%), Maruti Suzuki India Ltd. (Rs. 4196.10,-1.27%), Larsen & Toubro Ltd. (Rs. 1619.30,-0.86%), Hero MotoCorp Ltd. (Rs. 2457.75,-0.86%), Bajaj Auto Ltd. (Rs. 2172.00,-0.75%), were on the sellers radar.
On the sectoral front, realty, oil and gas and metal witnessed the maximum gain in trade, while capital goods, power and consumer durables remained the top losers on the BSE sectoral space.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2642 shares traded, 969 shares advanced, 1586 shares declined while 87 remained unchanged.
On the global front, Asian markets ended the day on a mixed note with Nikkei 225 and Shanghai Composite ending the day in red amid deepening fears surrounding the health of the world"s second biggest economy, while Hang Seng managed to close in green. Meanwhile European counters lifted the sentiments with CAC, DAX and FTSE all trading in green with a gain of over one and a half per cent.