Stocks snapped a three-day losing streak, amid a volatile trading session Tuesday, on account of shortcovering in indexheavyweights Reliance Industries and Infosys.
The 30-share Sensex provisionally ended at 16,061 up 191 points or 1.2% and the 50-share Nifty provisionally ended at 4819 up 55 points or 1.2%.
Other notable gainers in the Sensex include, ITC and HDFC Bank.
The Sensex and the Nifty had both lost over 6% in the last three trading sessions.
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(Updated at 14:58 hrs)
Markets have dipped in the red once again with the BSE Sensex at 15,816, down 55 points and the Nifty at 4,746, down 18 points.
The losses are being led by BSE Bankex, down 2%.
L&T has shed 3% at Rs 1,156 and is the biggest dragger on the Sensex.
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(Updated at 1426 hours)
The markets traded flat in late-noon trades with the BSE Sensex at 15,914, up 43 points and the Nifty at 4,773, up eight points.
In the morning the Sensex opened in the red owing to negative global cues and touched the intra-day low of 15,771.
According to Kunal Bothra, technical analyst, LKP Securities, "the selling pressure is extreme, and I believe that the probability becomes very high for a breakdown. The global picture is also not helping the case for our markets. The immediate support for Nifty is at 4720 where we have taken a couple of bounces over the last few months. Short term resistance has now shifted from 4950 to 4850 levels."
BSE Metal index saw some buying activity which took the index rise 1% to 10,053. Hindalco Industries, Jindal Steel & Power, Steel Authority of India, up 1-3% each, are the notable gainers from the space.
BSE Consumer Durables and Capital Goods indices shed 1-2% each.
BSE Bankex was down nearly 1%. Union Bank of India, Axis Bank, Punjab National Bank and Yes Bank, up 2-3% each, are the gainers among the financials.
Larsen & Toubro has shed nearly 2% at Rs 1,168 on the back of weak capital goods IIP numbers announced by the government on Monday. Other prominent losers from the pack are ICICI Bank, Wipro, ONGC and JP Associates, down 1% each.
The gainers among the Sensex 30 stocks are Hindalco Industries, Tata Power, Jindal Steel, Cipla and Sun Pharma Industries, up 1-3% each.
Among individual stocks, Welspun Corp has rallied 10% to Rs 76.90, extending its 5% gains in the past two days, on the back of huge volumes. As many as 3.7 million shares have changed hands on the counter so far, against sub-one million shares traded daily in the past two weeks.
Excel Crop Care has soared 9% to Rs 140 on media reports that the Supreme Court (SC) has allowed exports of endosulfan, an important product for the company.
The overall market breadth was negative as 1,661 stocks have declined against 902 advancing ones, on the BSE.
