Market benchmark Sensex recovered by 115 points to end at 24,338.43 on value-buying in recently beaten-down stocks.
Statement by Union Minister Venkaiah Naidu expressing hope that key reform bills including GST and bankruptcy will get passed in the Budget Session beginning February 23, also perked up the market mood.
In addition, the rupee rising by more than half a rupee against the dollar also supported the recovery.
But concerns over muted quarterly results remained, brokers said. "The uptick in crude hasn't lifted the domestic sentiment since investors are stepping into a conservative mode. The focus has now shifted to budget," said Vinod Nair, Head- Fundamental Research, Geojit BNP Paribas.
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In the broader markets, the 30-share Sensex swung widely on alternate bouts of buying and selling, before settling at 24,338.43, higher by 115.11 or 0.48 per cent. Intra-day, it moved between 24,514.01 and 24,224.74.
The NSE Nifty reclaimed the crucial 7,400-mark by recovering 42.20 points or 0.57 per cent to 7,404.
In overseas stock markets, Asian and European stocks edged higher as weaker-than-expected US service-sector data pushed the US dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities.
Key indexes in Asia, like China, Hong Kong, Singapore, and South Korea firmed up by 0.35 per cent to 1.35 per cent while Japan's Nikkei moved down by 0.85 per cent. Taiwan market remained closed today.
already buoyed by recapitalisation hopes, pulled its weight, and switched the bias to positive," said Anand James, Co-Head Technical Research Desk, Geojit BNP Paribas Financial Services.
The market breadth remained positive as 1,524 stocks ended higher, 1,079 closed lower while 145 ruled steady out of a total of 2,748.
The total turnover climbed to Rs 3,249.13 crore, from Rs 2,869.89 crore yesterday.