Equity benchmark indices fell in early trade on Tuesday but later bounced back and were trading in the positive territory amid mixed global market trends.
The 30-share BSE Sensex declined 61.98 points to 61,082.86 in early trade. The broader NSE Nifty dipped 21.2 points to 18,138.75.
However, later both the indices bounced back, with the BSE benchmark trading 165.83 points higher at 61,310.67 at 11.55 am. The Nifty also quoted 54.40 points higher at 18,214.35.
Ultratech Cement jumps over 2 per cent
From the Sensex pack, Nestle, Power Grid, Sun Pharma, HCL Technologies, Wipro, Tata Consultancy Services, Reliance Industries and Kotak Mahindra Bank were the major laggards.
UltraTech Cement, Maruti Suzuki, Larsen & Toubro, NTPC and ICICI Bank were among the winners.
UltraTech Cement led gains on the Nifty, rising as much a 2.4% to a near three-week high, while its parent Grasim Industries advanced 2.1%.
NDTV fell over 4.6% as Adani launched an open offer to buy an additional 26% stake in the company. The offer price is 294 rupees, a discount of 23.07% on the last close.
Asian stock move higher
Elsewhere in Asia, markets in Tokyo and Shanghai were quoting higher, while Seoul and Hong Kong were trading lower.
Wall Street had ended lower on Monday.
International oil benchmark Brent crude was trading 0.49 per cent higher at $87.89 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs ₹1,593.83 crore on Monday, as per exchange data.