Bears lose grip as value-buying lifts Sensex 352 points

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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.

Indices were also supported by gains in shares of banks, automobiles and metal companies.

The gauge had tanked 891.50 points in the previous four sessions.

"Given that interest rates are unlikely to reduce at least in the near to medium term, rate sensitive stocks slid due to rising oil price and concern over fiscal slippage", said Vinod Nair, Head of Research, Geojit Financial Services.

Other losers included Tata Steel, NTPC, Dr Reddy's, ONGC, Power Grid, Bajaj Auto, L&T, M&M, Asian Paints, HDFC Bank, HUL, Lupin, Coal India, ITC, Tata Motors, Axis Bank, Maruti Suzuki and Infosys, falling by up to 1.71 per cent.

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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 USA, where policy uncertainty kept sentiment in check. DIIs had bought shares worth Rs 995.11 crore, while foreign funds sold shares to the tune of Rs 1,217.92 crore yesterday, the provisional exchange data showed.

"The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation".

Meanwhile, an RBI order mandating banks to lower the merchant discount rate they charge on debit cards did not affect sentiment.

"Today is largely seen as a corrective recovery in the market because it had gone into an oversold territory", said Deven Choksey, promoter, KR Choksey. The stock ended down 2.05 per cent or Rs 4.30 at Rs 205.45.

Indian stock market extended gains from Thursday, on positive cues from other Asian equities and United States markets overnight. Hong Kong's Hang Seng was up 0.10 per cent while Japan's Nikkei gained 1.27 per cent in early trade today.