At around 9:40 am, Sensex was trading 766.58 points or 0.99 per cent up at 78,105.59 while Nifty was up 236.50 points or 1.01 per cent at 23,690.3.

The market trend remained positive. On the National Stock Exchange (NSE), 2,022 stocks were trading in green, while 248 stocks were trading in red.

Nifty Bank was up 144.25 points or 0.29 per cent at 50,508.05. The Nifty Midcap 100 index was trading 523.70 points or 0.97 per cent higher at 54,568.50. The Nifty Small cap 100 index was up 238.15 points or 1.36 per cent at 17,745.40.

In the Sensex pack, NTPC, Tata Motors, M&M, Adani Ports, Infosys, Power Grid, UltraTech Cement, Tech Mahindra, TCS, Maruti, Titan and HDFC Bank were the top gainers and Kotak Mahindra Bank, Sun Pharma and Bajaj Finserv were the top losers.

Market experts said that the trend does not indicate a sharp recovery. Also, the momentum that took the market to record levels in September has ended.

"An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight. The momentum that drove the market to its record peak of 26216 in September is gone,” they added.

There can be recoveries which are unlikely to sustain given the selling mode of the FIIs and the concerns surrounding the weak earnings growth feared in FY25. At best, the market may consolidate around the present levels with sideways movements.

In Asian markets, except Shanghai, markets in Jakarta, Tokyo, Seoul, Bangkok and Hong Kong were trading in green. The US stock markets closed in red on the previous trading day.

Foreign institutional investors (FIIs) sold equities worth Rs 15,659 crore on November 18, while domestic institutional investors bought equities worth Rs 9,190 crore on the same day.