Helped by a broad recovery across Asia following a decline in crude oil prices, the Indian indices saw a sharp bounce back in early trades. However, selling at higher levels has seen the markets losing part of their gains.

Sensex opened at 9157 and surged to a high of 9387. The index is trading higher by 132 points at 9195 at 11.10 AM.

Nifty opened at 2665 and saw a high of 2768. The index is trading higher by 56 points at 2719.

Telecom stocks are among the biggest gainers in early trades. Bharti has added over 6.5 per cent making it the biggest gainer among index stocks. VSNL, one of the worst performers over the last month, has added close to 5 per cent.

MTNL is trading close to 2.5 per cent higher while Reliance Communications has added over 2 per cent.

Technology stocks, except TCS and Infosys, are doing very well in early trades. Wipro has added over 5.5 per cent while HCL Technologies is trading more than 5 per cent higher. Satyam has gained over a per cent.

M&M is the big winner among auto stocks, trading more than 4 per cent higher. Tata Motors has added 3 per cent and Maruti is up 2 per cent.

Hero Honda has added over 2.5 per cent while Bajaj Auto is trading more than a per cent higher.

ONGC has pulled back after resisting a fall yesterday. The stock is trading higher by more than 3 per cent. Reliance Industries has added over 1.5 per cent.

Oil marketing stocks are doing well following the decline on crude oil prices. HPCL has added close to 6.5 per cent and BPCL is trading more than 5 per cent higher. Indian Oil has added over 2.5 per cent.

The bounce back in metal stocks is not as strong as other sectors. Tata Steel and SAIL have added around 3.5 per cent each. Nalco has gained close to 2 per cent while Hindalco is trading with modest gains. Sterlite has added close to 2.5 per cent.

Tata Power, Zee Tele, ITC, HLL and Tata Chemicals are among the other major gainers.

There are only 3 Nifty stocks which are trading lower. HDFC is continuing its down trend and has lost close to 2 per cent.

TCS is the biggest loser among Nifty stocks and is trading more than 3 per cent lower. Infosys has lost close to 0.5 per cent.

Mid-caps and small-caps have also bounced back strongly in early trades. Most of the stocks which were beaten down substantially over the last few days are trading with significant gains. On the other hand, stocks which are on the 5 per cent circuit and hence did not fall as much continue to be weak.

The mid-cap index notched up gains of over 2 per cent in early trades before giving up part of the gains. The index is now trading with gains of over 1.2 per cent. Market breadth on the NSE is positive with more than 2 stocks advancing for every declining stock.

Man Industries, Mahindra Gesco, Srei International Finance, REI Agro, Gitanjali Gems, BRFL and Hotel Leela are among the major gainer in the mid-cap space.

Classic Diamonds, Phoenix Lamps, Adani Exports, Reliance Industrial Infrastructure and Vivimed Labs are among the major mid-cap losers.