At 1:35 pm, the S&P BSE Sensex was trading at 30,273, up 25 points, while the broader Nifty50 was ruling at 9,428, up 21 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices pared intraday gains to turn flat.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,430 shares declined and 1,233 shares fell. A total of 161 shares were unchanged.
Bharti Airtel shed over 2% to Rs 365 after the stock gained 8% in the previous session even as the company reported a 72% in net profits at Rs 373 crore for the fourth quarter ended March 31, a second consecutive quarterly decline.
Hindustan Unilever slipped over 1% to Rs 982 after the stock hit its all-time high in the previous session on the hopes of an average monsoon this year.
Nifty media index (up 3%) was the leading sectoral gainer. Sun TV (up 6%), Zee Learn (up 5%), Dish TV (up 4%) and Inox Leisure (up 2%) gained the most on the index.
Two-wheeler maker Hero MotoCorp was up 3% to Rs 3,422 while rival Bajaj Auto rose 2% to Rs 2,961 on hopes good monsoon rains will boost sales, especially in the rural markets. TVS Motor Co gained over 1%.
Banks also gained as investors pinned their hopes on easing bad loans in coming quarters after the government tweaked its laws last week to help tackle the record $150 billion in troubled bank debts. The Nifty PSU Bank index was up 1.4%, led by gains in Allahabad Bank, Union Bank, Bank of India and Bank of Baroda, which added anywhere between 2-3%.
Overseas, most Asian stocks advanced as global equities remained at record levels and a rebound in oil boosted energy producers, but European markets were under pressure as investors reacted to the latest batch of corporate earnings and strong gains in oil prices.
The pan-European Stoxx 600 dipped 0.16%, while Germany's DAX and France's CAC 40 was hovering on a flatline.
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