In highly volatile trade, the Bombay Stock Exchange benchmark Sensex bounced back and went up over 142 points in afternoon on Thursday as speculators indulged in covering short positions on the last day of the expiry of the July contracts in derivatives.
The Sensex, which dipped to 15,065.48 points in early trade, recovered by 142.08 points, or 0.90 per cent at 15,315.54 at 13.15 hours with heavyweight stocks led by banks and IT leading the recovery.
Similarly, the 50-share National Stock Exchange index Nifty rose by 38.30 points to trade higher at 4,551.80 at the same time.
Marketmen said the apart from short-covering by speculators in view of today's expiry in the July series, encouraging first-quarter earnings by State Bank of India also supported the mid-session recovery in the Sensex.
They said a firm opening of European markets too buoyed sentiment.
Stocks of State Bank of India, the country's largest lender, traded 2.51 per cent higher at Rs 1,698 after it reported a growth rate of 42 per cent in net profit at Rs 2,330.37 crore in the first quarter.
Other gainers were ICICI Bank by 1.34 per cent to Rs 742.20, HDFC Bank by 1.91 per cent to Rs 1,445 and Bank of India by 1.83 per cent to Rs 326.30./