The Sensex touched a high of 34,591.81 points and a low of 34,270.04 points during the intra-day trade.
The 30-share barometer was trading higher by 93.37 points, or 0.27 percent, at 34,425.05, with banking, IT, infrastructure and capital goods stocks leading the trend. While the Sensex rebounded by about 96 points to end at 34,427, Nifty closed at 10,565, up 39 points, or 0.37 per cent. Investor sentiment was optimistic ahead of quarterly earnings of some key companies, including TCS.
The wider Nifty50 on the National Stock Exchange (NSE) fell by 22.50 points or 0.21 per cent to provisionally close at 10,526.20 points.
The broader NSE Nifty was up 0.16 percent at 10,565.10 as of 0554 GMT, on track to post its longest winning run since late January 2015.
In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.3%.
On Thursday, the major gainers on the BSE were Tata Steel, Yes Bank, Bharti Airtel, Larsen and Toubro and ONGC while Axis Bank, Coal India, Kotak Mahindra Bank, Hero MotoCorp and IndusInd Bank were among the top losers. Shares of Hindalco soared over 9 per cent while shares of Vedanta Ltd, the Indian unit of diversified miner Vedanta Resources Plc, rose 6 per cent. Tata Steel shares gained over 3 per cent.
Rise in oil prices spurred energy and commodity related stocks, as markets consolidate ahead of important earnings calendar.
The Dow ended down 0.16%, while the S&P 500 gained 0.08 percent and the Nasdaq 0.19%.
Rising crude oil prices continued to hurt oil marketing companies including BPCL, HPCL and IOC, which slipped up to 7 per cent. Brent and WTI, which are now sitting at levels not seen since the end of 2014, edged up further in the worldwide market.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 951.39 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 723.81 crore yesterday, as per provisional data.