At 15.05 PM, the 30-share Sensex was up 281 points at 28,238 and the 50-share Nifty gained 86 points at 8,577
Markets have witnessed a gap down opening mirroring losses in the global equities with US markets taking a hit on worries about the health of Chinese economy.
Deepak Parekh, chairman of Housing Development Finance Corporation (HDFC), India's largest mortgage lender, says the exuberance in industry about the new government is justified but big ideas articulated by the prime minister need speedy implementation.
The Indian rupee also trimmed most of its early gains and was trading at Rs 61.28 compared to its Wednesday's close of Rs 61.31 to the US dollar.
Sensex ended at 26,272 up 125 points and Nifty ended at 7,831 up by 35 points.
Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.
Finance Minister P Chidambaram, while addressing the Carnegie Endowment for International Peace on "Recapturing India's Growth Momentum" in Washington on Thursday, said that the leading think tank need not launch an initiative to explore how India will vote in 2014, declaring that the Indian polity will vote the Congress back into power.
Indian economy about to take-off
