The benchmark Sensex recovered over 350 points to touch a day's high at 16,897.36 from its day's low of 16,546.55 on buying interest in select pivotals in late trade. At the day's low, Sensex lost 190.52 points from its previous close of 16,737.07. Similarly, broader based Nifty index of National Stock Exchange gained 99 points to touch a day's high at 5,012.75 from its low of 4,913.80, before ending the session above the 5,000 level.
Sustained buying in the late trading session helped the market to rebound into green. Positive global cues also bossted the sentiments in Indian market, marketmen observed.
Despite positive rally, the market breadth remained negative, as 1746 shares declined as compared to 951 advanced and 51 remained unchanged. Most of the sectoral indices ended the session in green, however, BSE Midcap index was down 0.67 pc to 6,945.91 while Smallcap index shed 1.20pc to 8,403.56. Both the indices underperformed the Sensex. The total turnover on BSE was low at Rs 5971 crore as compared to Rs 6,594.69 crore in the previous session. However, turnover in NSE's futures&options segment was higher at Rs 41000.80 as compared to Rs 34951 crore in the previous session.
Index frontliner, Reliance Industries (RIL) recovered from day's low of Rs 2480 and settled 1.08 pc higher to Rs 2555 on 8.44 lakh shares. Bharat Heavy Electricals gained 1.77 pc to Rs 1755 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.
Ranbaxy Laboratories surged 5.44 pc to Rs 495 on 6.10 lakh shares.
It was the top gainer from the Sensex pack. Ranbaxy Laboratories signed a deal to develop new anti-infective drugs for US-based Merck&Co Inc. Under this deal, Ranbaxy will carry out drug discovery and clinical development through Phase II clinical trials, while Merck will be responsible for the development and commercialisation, according to the reports.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the US currency at its lowest in almost 13 months.
Satyam Computer Services ended up 3.72 pc at Rs 491, TCS gained 1.08pc to Rs 927.40, Wipro climbed 1.60pc to Rs 509.20 and Infosys Technologies gained 1 pc to Rs 1768.
Banking stocks also marked smart recovery from lower levels.
State bank of India ended at Rs 1659, off day's low of Rs 1620.
ICICI Bank rose 0.22 pc to Rs 876, off day's low of Rs 861.15.
HDFC Bank rose 1.72pc to Rs 1476.90 to recover from session's low of Rs 1430.