The 30-share index rallied to trade 332.85 points, or 0.83 per cent, higher at 40,581.08 in afternoon session.
Tech Mahindra, Yes Bank, Infosys, Vedanta, M&M and L&T too fell up to 1.13 per cent.
After swinging 413 points during the session, the 30-share Sensex settled 53.73 points, or 0.13 per cent, lower at 40,248.23.
The 30-share index pared all gains to trade 41.28 points, or 0.10 per cent, lower at 40,260.68.
Eighteen out of 28 Nifty companies that have reported quarterly earnings have beaten or matched the average analyst estimate.
Top gainers in the Sensex pack included Vedanta, Tata Steel, ICICI Bank, Tata Motors, SBI, HCL Tech, Sun Pharma.
With no major events due this week, market will focus on the next leg of corporate result announcements, said Vinod Nair of Geojit.
RIL, HUL, HDFC, ITC, Infosys, HDFC Bank and SBI were the other firms which witnessed a rally in their market capitalisation.
The broader NSE Nifty too advanced 13.15 points, or 0.11 per cent, to close at 11,890.60.
Top gainers in the Sensex pack included IndusInd Bank, Hero Motocorp Tech Mahindra, Tata Steel, ITC and Infosys.