The other prominent gainers were IT majors Infosys and Wipro, Grasim, Larsen & Toubro and Vedanta. However, those which lost marginally were Tata Motors, Cipla, Coal India, Eicher Motors and IndusInd Bank.

At 10:15 am, the BSE S&P Sensex was up by 152 points at 39,402 while the Nifty 50 edged higher by 36 points to 11,663. Sectoral indices at the National Stock Exchange were mixed with Nifty auto up by 2.8 per cent and metal by 2.3 per cent. Nifty financial service, FMCG and media were in the red.

The BSE S&P Sensex was up by 192 points at 39,250 while the Nifty 50 edged higher by 44 points to 11,628. All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 1.37 per cent.

Infosys was the top loser at Rs 640 per share -- down by 16.65 per cent -- a day after an anonymous group calling itself 'ethical employees' alleged in a letter to the board of Infosys and the US Securities and Exchange Commission (SEC) that the company is taking unethical steps to boost short-term revenue and profits.

Tata Motors lost by 3.6 per cent while HCL Technologies slipped by over 1 per cent. Tech Mahindra and Coal India were also in the red.

The retail category was subscribed nearly 15 times while qualified institutional buyers segment got subscribed 109 times and non-institutional investors category 355 times.

The BSE S&P Sensex opened at 37,994, saw a high of 38,345 and a low of 37,738 before closing at 38,127, nearly 247 points higher than its previous close.

The RBI's monetary policy committee is expected to announce the fifth consecutive rate cut this year to support government measures for boosting economic activity amid benign inflation.

At NSE, all sectoral indices were in the red. Nifty realty was down by 4.2 per cent, PSU bank by 3.7 per cent, private bank by 1.1 per cent, IT by 1.5 per cent and pharma by 1.05 per cent.

Among stocks, the prominent losers were IndusInd Bank, Coal India, Tata Steel, HCL Technologies, Tata Consultancy Services, Grasim, Cipla and Dr Reddy's.