After starting the session with a negative gap, Sensex further slipped to a day's low of 16,626.35 in early trade, losing over 126 points. However, it recovered on some fresh buying in select pivotals and gained 262.08 points to touch a day's high of 17,014.94 in mid-afternoon trade. Similarly, the broader based S&P CNX Nifty index of National Stock Exchange gained 53.95 points to close at 5,011.75.
Software and metal stocks were in good demand, driving the market higher after a nervous start. IT pivotals gained as Rupee weakened to a 13-month low against the dollar and Metal stocks gained on fresh buying. Positive sentiments from Asian markets, which witnessed a steady recovery throughout the day after a shaky start, also boosted the Indian bourses, brokers said.
Moreover, the market breadth was positive on BSE with 1393 shares advancing as compared to 1269 that declined and 85 remained unchanged.
The BSE Midcap and Smallcap index closed with marginal gain at 6,989.81 and 8,434.49 respectively. Both the indices underperformed the Sensex.
The total turnover on BSE was quoted at Rs 6164 crore as compared to Rs 6,623.42 crore yesterday. Turnover in NSE's futures&options segment amounted to Rs 32919.78 crore as compared to Rs 38107.72 crore in the previous session.