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Markets snapped 5-day losing streak to end near day's high on Wednesday, amid firm global cues, led by software and financials. Short covering and value buying at lower levels post the correction in the last five trading sessions also helped markets edge higher.
The 30-share Sensex ended up 187 points or 1.03% at 18,414 and the Nifty gained 64 points or 1.16% to close at 5,559.
Earlier in the day, the BSE benchmark index, had touched a low of 18,173 and saw a high of 18,461 in a volatile session. Meanwhile, the Nifty cracked below the 5,500 mark to touch a low of 4,477 in intra-day trades only to regain in late noon trades to touch a high of 5,569.
World shares edged up to their highest level in a week on Wednesday after Chinese trade data pointed to a steady recovery of the world's second largest economy.
China reported a mild trade deficit of $884 million in March as a 14.1% year-on-year surge in imports eclipsed export growth of 10%, signaling that domestic demand was gathering the pace needed to drive economic recovery.
MSCI's all-world share index, which tracks stocks in 45 countries, rose 0.4% to its highest level since April 3 as European shares followed gains in Asian markets.
London FTSE 100, Paris's CAC-40 and Frankfurt's DAX were up between 0.7 and 1.2% higher.
In Asia, Asian shares edged higher as Chinese trade data signaled a recovery in the world's second largest economy, adding to an improving sentiment after Wall Street closed at a record high overnight, while the yen remained under pressure.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, pulled higher by its materials sector with a 1.3% jump, as iron ore prices recovered.
Japan's Nikkei average climbed to its highest closing level in nearly five years, with traders citing new money coming into the market after the central bank started its ultra-loose monetary easing this week. The index ended 0.7% higher at 13,288.13, its highest closing level since August 2008.
In the broader markets, the smallcap index closed flat with a poistive bias at 5,858 and the midcap index gained 0.5% to end at 6,104.
Among the sectoral indices, FMCG index, down 0.4% was the only index to close in the negative.
IT index which gained over 2%, was the top sectoral gainer, on account of gains in heavyweights like TCS, Wipro, Infosys and HCL Tech which added 2-3.5%. Bankex, Capital Goods and Realty indices which gained 1-2% were the other major sectoral gainers.
Auto, Power, Consumer Durables, PSU, Metal, Health Care and Oil & Gas indices too gained 0.3-0.7%.
The movers from the financial space were HDFC, HDFC Bank, SBI and ICICI Bank gaining between 1.5-3.6%.
From the auto space, Tata Motors, Bajaj Auto and Maruti Suzuki closed up 0.4-2%.
L&T, Cipla, Bharti Airtel, NTPC,Tata Power and Reliance Industries up 0.6-2% were teh other notable gainers.
On the losing side were Sun Pharma, Jindal Steel, ITC, Hindustan Unilever, Dr Reddys Lab, BHEL, ONGC and Hero MotoCorp down 0.4-1%.
Among other stocks, Reliance Communications (RCom) rallied 13.5% to Rs 73.20 on back of over two-fold surge in trading volumes.
RPG Life Sciences soared 13% to Rs 65.5 in noon deals after the company said it has executed Memorandum of Understanding with Maruti Suzuki India for sale of part of land situated at Navi Mumbai subject to conclusion on fulfillment of terms and conditions.
Styrolution ABS (India) dipped 10% to Rs 507.5 after its holding company Styrolution (Jersey) announced its plan to reduce stake in the company from the current 87.33% to comply with the Securities and Exchange Board of India norms on minimum public share holding requirements.
Delta Corp was locked in maximum upper limit of 20% at Rs 60.40 on back of heavy volumes with no sellers has seen on the counter. The stock opened at Rs 50.70 and has seen over three-fold jump in trading volumes.
The market breadth was positive on the BSE. 858 stocks advanced while 828 stocks declined.
