The Sensex was up 125 points at 20,834 while Nifty added 34 points to 6,201.
Investors added to positions in oil & gas stocks after the Cabinet yesterday allowed RIL to charge higher gas prices from April. The move came after the company offered financial guarantees to the government to settle any claims against it over a shortfall in its gas output. Shares in Reliance Industries rose as much as 2.9 per cent today in early but later pared some gains. It was up close to 1.5 per cent. ONGC was up 1.8 per cent while GAIL rose to 1 per cent.
IT shares also some buying over the recent bout of weakness and prospects of a stronger economic growth in US, the biggest market for Indian outsourcers. TCS rose 1.4 per cent while Wipro advanced 2.2 per cent.
The rupee extended its losses to the fourth day today on concerns over reduced inflows after Fed tapering. The rupee was down at 62.25 per dollar against its yesterday's close of 62.14.
Ambareesh Baliga, managing partner at Edelweiss Global Wealth, said he remains positive on Indian stock markets and advised investors to buy on dips. The weak macro numbers are likely to be "considered as skeletons of the past" and the Nifty could touch new highs in a pre-election rally, he said.
Asian markets were mostly lower today with Japan's Nikkei taking a breather after yesterday's record close.
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