Equity benchmark indices Sensex and Nifty bounced back on Thursday to close higher by nearly 1 per cent on gains in banking, IT and auto shares amid mixed global trends.
The 30-share BSE Sensex rose by 443.19 points or 0.86 per cent to settle at 52,265.72. During the day, it rallied 694.26 points or 1.33 per cent to 52,516.79.
The NSE Nifty advanced 143.35 points or 0.93 per cent to 15,556.65.
From the Sensex pack, Maruti, M&M, Asian Paints, Bharti Airtel, TCS, Sun Pharma, Wipro, ICICI Bank and Hindustan Unilever were the major gainers.
On the other hand, Reliance Industries, NTPC, Power Grid and UltraTech Cement were the laggards.
Elsewhere in Asia, stock markets in Hong Kong, Shanghai and Tokyo ended with gains while Seoul settled lower. European markets were trading in the red in mid-session deals.
The US markets ended marginally lower on Wednesday.
"The Indian markets opened on a positive note following Asian market peers which were trading mostly in the green led by China. During the afternoon session markets trimmed some of their gains as European markets struggled to shrug-off recession fears but managed to trade in the green," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. said, “Markets witnessed a roller coaster ride till mid-session before rebounding to comfortably settle in positive territory at close on hectic buying activity in IT, automobile & realty stocks. Fall in the crude oil prices gave some respite to the market, although concerns of persistent FII selling and rising bond yields in the US will continue to keep traders on the edge. Technically, for the last three days the market has been witnessing non directional activity. For Nifty, 15400 and 15600 are the important levels to watch out and below the same the index could slip up to 15340-15300. On the flip side, 15600 would be the key breakout level for the bulls. Above which, the index is likely to hit the level of 15720-15800.”
The 30-share BSE Sensex tanked 709.54 points or 1.35 per cent to settle at 51,822.53 on Wednesday. The NSE Nifty fell 225.50 points or 1.44 per cent to end at 15,413.30.
Vinod Nair, Head of Research at Geojit Financial Services said, "Weak global markets and recession woes following Fed Chair’s testimony failed to discourage Indian bourses. The domestic market is showcasing potency to sustain the momentum in the short to medium-term. A major part of the current uncertainties led by the slowing economy & hawkish monetary policy have been factored in the market, however, FIIs are continuing their selling, limiting the trend"
Meanwhile, international oil benchmark Brent crude declined 1.92 per cent to USD 109.60 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,920.61 crore on Wednesday, as per exchange data.
