Sensex has ended (provisional) at 18,291 - up 138 points. Nifty has ended up 47 points at 5,569.
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(updated at 1443 hrs)

Markets have pared some of their gains and is trading off the day's high in afternoon trades. The Sensex, after touching a high of 18,423 in the morning, slipped marginally and is now at the day's low of 18,252 - up 103 points from the previous close. Nifty is up 39 points at 5,561.

Global markets remained in the green on hopes of Greece getting a bailout package. In Asia, Nikkei added 1.5% to9,384. Hang Seng and Seoul Composite rose over 1% each in trades.

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Most of the sectoral indices remained in the green with the BSE power index jumping2.5% to 2,353. Capital goods, consumer durables, IT shares held on to gains. However, BSE auto index fell 0.5% to 10,318 as investors booked profits after recent gains. Metal index was marginally in red.

BHEL is the biggest gainer and is up over 7% at Rs 306. Sterlite has added 3.3% to Rs 134, followed by Mahindra & Mahindra, SBI and NTPC.

Meanwhile, Maruti Suzuki and Tata Motors were the key draggers. Hero MotoCorp was also down over 2% in trades. Other losers included Gail India, Tata Steel and Cipla.

JP Morgan downgraded country's wind turbine maker Suzlon Energy to "underweight" from "neutral" and cut its target price on the stock to Rs 20 from Rs 61. Suzlon was down 1% at Rs 29.

Shares of power generation companies extended their rally for the third day in a row after the Prime Minister has approved suggestions made by the Secretary level Committee for solving the issue of coal deficit faced by power sector. Most of the frontline power stocks such as BHEL, Adani Power, Reliance Power, Tata Power. Lanco Infratech, Torrent Power and JSW Energy rallied 1-7% each.

Telecom stocks gained after the government unveiled new telecom policies on Wednesday. Reliance Communications added 1% while Bharti Airtel was up 0.3%.

Cement stocks were also in green. Ambuja Cement was up 1%.

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