Key indices gained their lost positions today, after initial session of profit booking as index heavyweights trimmed losses.

Realty, auto, pharma and FMCG stocks led the sectoral charts whereas oil & gas remained a little subdued. Tier II, III stocks continued to outperform the market.

Banking stocks were also up on hopes that declining interest rates will improve credit growth.

Passive global markets also kept the markets under control.

At 12:08 pm (IST), the BSE 30-share Sensex gained 119 points at 14,006 and NSE Nifty stood at 4,261, up 22 points.

According to Nirmal Bang report, "If Nifty maintains above 4160 then for the May expiry there is a possibility that Nifty can retest 4600 levels. Markets are forming a base at every lower level before giving a fresh breakout, which is a very positive sign for the Indian market."

"For intra-day, resistance for Nifty is placed at 4320, if Nifty maintains above 4320 in coming days then once again we could witness buying interest in the frontline stocks. A major weakness can be seen only if Nifty slips below 4160-4110 level," the report added.

Reports of North Korea carrying out a nuclear examination led to decline in major Asian indices.

The Kospi in Seoul fell following the news, but has since recovered to some extent. Other Asian stock indices, blocking the Japan's Nikkei were also mostly down.

Ranbaxy Laboratories gained 17% after Malvinder Mohan Singh quitted from the ranks of Chairman, CEO and MD of the company with immediate effect.

Atul Sobti, presently Ranbaxy's CEO, has been nominated as CEO and MD. The scrip hit a high of Rs 260.6 and low of Rs 222.25 on NSE.

ICICI Bank gained 2% to Rs 713, Axis Bank remained up by 2% to Rs 774.