The Nifty ended at 4676.95, up 91.35 points, or 1.99 per cent. It moved in a range of 4536.25-4690.60 during the day.
"The market has given a good bounce, and is looking positive as of now. The Nifty should find support around 4550 as short covering was triggered at this level," Anand Kuchelan, senior derivatives analyst, PINC Research, said.
Real estate, power and banking (both public sector and private banks) saw good amount of short covering.
The June contract ended at 4679.10, up 110.35 points, July contract ended at 4675.15, up 109 points, and August contract ended at 4677.10, up 109.60 points.
The June contracts of Reliance Industries, Reliance Petroleum, ONGC, Reliance Capital, Tata Steel, DLF, Essar Oil, Infosys Technologies, Cairn, and Larsen & Toubro were among the most active.
ONGC's June futures contract ended at a 17-point discount at Rs 939.90. In spot it ended up 8 per cent from previous close as the fuel price hike is seen reducing subsidy burden on the PSUs.
DLF's June contract ended at Rs 541.50, at a 2.5-point premium to the spot where it closed at Rs 538.95, down 2.7 per cent from previous close. Realty stocks have come under pressure on fears the fuel price hike may lead to rise in inflation.
