Across-the-board buying led by information technology (IT), banking, metal and refinery counters on
firm global cues helped the benchmark Sensex to
cut short overnight losses and bounce back by 354 points to end above the psychological 17,000-mark at a week's high of 17,099.28.
HOW THE MARKETS FARED Top two heavyweights,
Reliance Industries (RIL) and
Infosys, together having about 20 per cent weightage in the Sensex, contributed nearly 110 points to the index gain with a rise of 3.73 per cent and 3.22 per cent, respectively.
All 13 sectoral indices finished with sharp to moderate gains while only ONGC and BHEL, out of 30 Sensex-based scrips, settled with losses.
IT sector was the vanguard of the rally following bearish rupee which will boost revenues of these companies in
rupee terms as the segment gets the maximum income from exports.
Country's top software exporter Tata Consultancy Services (TCS) closed up by 3.94 per cent and Wipro by 2.74 per cent.
The Bombay Stock Exchange 30-share index opened better on mixed Asian stocks at initial stages but recovery in Asian markets amid firm European trend in early trade pushed Sensex to settle at 17,099.28, up by 353.93 points, or 2.11 per cent.
It had, on Monday, tumbled by over 188 points or 1.11 per cent.
The broader NSE 50-issue Nifty also rebounded by 108.25 points or 2.15 per cent to end above 5,100-level at 5,140.20.
Other heavyweights like HDFC, ICICI Bank, SBI, ITC, HDFC Bank, Tata Motors and Hindalco too attracted good buying and further added to the Sensex gains.
Kishor P Ostwal, CMD, CNI research said: "Most of the negative factors are already factored in and the market is poised for a rally. The market is still holding the ground even though some unfavourale overseas developments and showing a sign of consolidation."
One of the international firm's statement that India is a more valuable destination than its other peers also aided the sentiment. However, after two days of inflows, FIIs pulled out Rs 166.21 crore on Monday according to provisional data.
Barring Japan, most of the other Asian markets closed in the green on expectations that Greece was close to a deal with international creditors to get its next tranche of aid despite
downgrading Italy's long-term and short-term sovereign credit ratings by one notch by Standard & Poor's on Monday.
Key indices from China, Hong Kong, Singapore, South Korea and Taiwan closed with marginal gains.
European equities, however, showed strong recovery in their afternoon deals. The CAC was up by 1.46 per cent, the DAX by 2.10 per cent and the FTSE by 1.32 per cent.
Other major Sensex gainers were SBI (3.78 per cent), DLF (3.46 per cent), HDFC (3.36 per cent), Sterlite Industries (3.08 per cent), Tata Motors (2.94 per cent), Jaipra Associates (2.70 per cent), ICICI Bank (2.65 per cent), HUL (2.01 per cent), Sun Pharma (1.96 per cent), ITC (1.53 per cent), Tata Steel (1.54 per cent) and HDFC Bank (1.33 per cent).
Amongst the sectoral indices, the BSE-IT flared up by 3.23 pc, the BSE-Tech by 2.79 pc, BSE-CD by 2.74 pc, Bankex by 2.31 pc, BSE-Metal by 1.97 pc and BSE-Oil&Gas by 1.94 pc.
The total market breadth at BSE turned positive as 1,849 stocks closed in the green while 937 finished in the red. The total turnover rose to Rs 2,541.07 crore from Rs 2,294.25 crore on Monday.
With PTI inputs
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