The Sensex finally ended (provisional) at 17,032, up 247 points. The NSE Nifty ended (provisional) at 5,060, up 71 points.
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(Updated at 1503hrs)
Markets had a weak start today on the back of global cues. However, the Sensex attempted to recover twice but slipped further to a low of 16,636. Sharp short-covering helped the index to rebound into the green and touch a high of 17,028 - up 392 points from the day's low.
The Sensex is now up 205 points at 16,990. The Nifty is up 57 points at 5,047.
The BSE Bankex, metal and oil & gas indices have helped in the sharp recovery. Indices are up around 1.5% each.
Reliance has pulled the market. The stock is up 1.7% at Rs 2,118.
ACC has gained 4% at Rs 762. Hindalco has added 3.2% to Rs 134 while Sterlite is up 1.7% at Rs 860.
Baking stocks are up. SBI and HDFC Bank have advanced 2% each to Rs 2,333 and Rs 1,751, respectively. ICICI Bank has moved up 1% at Rs 897.
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Other gainers in the market include Jaiprakash Associates, DLF, Tata Steel, TCS, Grasim and Hindustan Unilever.
However, Bharti Airtel has dropped 1.5% to Rs 289 after the company slashed roaming charges by 60%.
The market breadth is slightly positive. Out of 2,733 stocks traded, 1,396 have advanced while 1,242 have declined.