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The S&P BSE Sensex surged over 100 points in trade on Tuesday to reclaim its crucial psychological level of 25,000, led by gains in HDFC, HDFC Bank, ICICI Bank, Axis Bank and Tata Motors. The 50-share Nifty index managed to build momentum and was trading near its next crucial level of 7,600. The rally in the index was supported by gains in banking, metals, realty, and auto stocks.

India's Godrej Agrovet Ltd. plans to raise 740 million rupees selling bonds maturing in 15 months, three merchant bankers said on Monday. The company will pay a coupon of 8.63 percent to investors of the issueIndia's current account and balance of payments data due during the week. There is no fixed date and time for the release.

Just after a slight uptick, the market soon turned flat. The Sensex is down 35.81 points or 0.1 percent at 24858.00, and the Nifty is down 13.35 points or 0.2 percent at 7545.45. About 419 shares have advanced, 388 shares declined, and 34 shares are unchanged. GAIL, HDFC, Tata Steel, Tata Motors and NTPC are top gainers in the Sensex. Among the losers are Lupin, Vedanta, Dr Reddy's Labs, Cipla and HUL are among losers.

Analysts say that Indian markets are likely to remain volatile till the crucial US Fed meet, which is scheduled for September 16-17. An interest rate hike in the US could accelerate the selling from foreign investors who would like to park their money in US bonds.