The key benchmark indices gave up some of their gains in the afternoon trades today. The Sensex was up 122 points to 16,174 levels and the Nifty rose 1.1 per cent to 4,803.

While buying was seen in most sectors, oil & gas counters led by index heavyweight RIL were under some pressure. The BSE realty index was up 4.3 per cent and the metal index rose 3.9 per cent.

The oil & gas index on the BSE, however, slipped over 1 per cent.

Among the Sensex stocks, Sterlite Ind was the biggest gainer. The stock jumped over 6 per cent. JP Associates, Tata Steel and Grasim Ind were the other major gainers in the pack, up over 3.5 per cent each.

However, Bharti Airtel was the main loser in the group. The stock fell 5.6 per cent. The company today posted a 13 per cent rise in net profit at Rs 2,321 crore for the second quarter ended September 30, 2009.

Sensex heavyweight RIL also shed over 2 per cent.

Asian stock markets snapped three days of losses on Friday after the US economy broke out of a year-long slump, spurring hopes of improved demand for the region's exports.

Major benchmarks from Toyko to Sydney gained 1.5 percent or more while oil hovered near $80 a barrel on expectations the U.S. expansion signals improved demand for crude.

The Commerce Department's report that gross domestic product rose at an annual rate of 3.5 percent in the third quarter reinvigorated investors who had dumped stocks for much of the week on signs of a slowing U.S. housing market and weak consumer confidence.