Mumbai: Indian shares extended gains to more than 3% on Tuesday afternoon as longer term foreign funds saw an opportunity to enter the market a day after it dropped 2.9%, traders said.
At 1:47pm, the 30-share BSE index was up 3% at 15,111.89 points, with 27 stocks gaining. The 50-share NSE index was up 2.6% at 4,546.
At 12:11pm, the 30-share BSE index was up 2% at 14,964.58 points, with 27 stocks gaining.
Reversing an initial weak trend, the Bombay Stock Exchange benchmark Sensex gained nearly 182 points in late morning deals on emergence of bargain buying in heavy-weight stocks amid a partial recovery in the Asian markets.
The Sensex, which had lost 139.23 points in the opening session, rebounded to show a rise of 182.39 points at 14,848.31 at 10:45am, with IT, FMCG, banking and metal sector stocks staging a comeback.
Similarly, the wide-based National Stock Exchange index Nifty rose by 29.60 points at 4,459.50 at the same time, after losing 64.80 points in the outset.
Stock brokers said apart from bargain buying by retail investors and funds, reports of a partial recovery in other Asian markets also influenced the trading sentiment here.
Major gainers, which helped the BSE Sensex wipe off initial losses, were Reliance Industries up 1.06% to Rs2,212.05, Tata Steel 2.36% to Rs426 and Larsen and Toubro by 1.81% to Rs1,506.
Further, Infosys Technologies was up 2.56% at Rs1,777.55, Wipro Ltd up 1.40% at Rs411.70, Tech Mahindra by 14.46% at Rs679 and Tata Consultancy Services by 3.37% at Rs763.
Satyam Computer, after remaining in the negative zone in the past few sessions, shot up by 10% to hit upper circuit at Rs66.85.