The market rebounded after its overnight plunge, as sustained spurts of buying in recently battered fundamentally strong stocks led the benchmark Nifty to close well above the crucial 7,600-mark at the National Stock Exchange (NSE).
Chinese stocks ending positive and other Asian market closing somewhat mixed supported the sentiment, while Prime Minister Narendra Modi urging in a meeting with corporate honchos, bankers and economists to look for ways of current global economic scenario into opportunities amid industries demand for interest rate cut spurred market enthusiasm.
The indices opened on a positive note in initial range-bound trade, while witnessing bouts of intermediate profit-booking during morning trade, but rallied gradually to end sharply green.
Elsewhere, the European markets were trading higher on Germany's data showing rise in imports and exports.
The 50-share NSE index opened higher 7,587.70 and traded between 7,720.90 and 7,539.50 before ending at 7,688.25, showing a gain of 129.45 points, or 1.71 per cent.
Index-wise, Barring FMCG stocks which saw some selling, Banking counters surged 3.55 per cent, followed by PSU Bank (3.47 per cent), Realty (3.06 per cent), financials (2.87 per cent), Metal (2.43 per cent), Media (1.81 per cent), Energy (1.77 per cent) and Auto (1.67 per cent).
Secondline shares of mid-cap and small-cap also gained by 1.82 and 1.24 per cent, respectively.
Stock-wise, major gainers were Yes Bank (7.09 per cent), GAIL (6.94 per cent), Tata Steel (5.98 per cent), BHEL (5.63 per cent), Axis Bank (5.35 per cent), ICICI Bank (4.70 per cent), L&T (3.64 per cent) and SBIN (3.28 per cent).
Turnover in the cash segment jumped to Rs 16,034.37 crore as compared to Rs 12,317.81 crore yesterday.
A total of 7,927.02 lakh shares changed hands in 7,800,393 trades and the total market capitalisation of NSE stood at Rs 9,149,257 crore.
