The BSE benchmark Sensex today rebounded about 49 points to close at 31,262.06 on fag-end buying in sectors such as realty, metal, auto, banking and healthcare amid a firming trend in global markets.
Furthermore, covering-up of short positions by bears too supported the late recovery in stocks, helping wipe off initial losses.
The 30-share index started on a bearish note at 31,196.86 stayed in the negative terrain for most part of the day to hit a low of 31,087.28 as participants indulged in trimming their positions to lock in gains.
However, late buying helped it stage a strong comeback to wipe off day's losses to scale a high of 31,289.99 before ending 48.70 points, or 0.16 per cent, higher at 31,262.06. The gauge had lost 57.92 points in the previous session.
The NSE Nifty also went up by 21 points, or 0.22 per cent, at 9,668.25, after moving between 9,608.15 and 9,676.25.
BSE sectoral indices led by realty, metal, auto, banking, healthcare and capital goods leading the recovery, rising up to 2.60 per cent.
Both the BSE and NSE indices recorded their first weekly fall in five weeks by losing 11.23 points, or 0.03 per cent and 14.75 points, or 0.15 per cent.
The broader market outperformed the key indices with the small-cap index rising 0.50 per cent and the mid-cap index rose 0.28 per cent.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 90.78 crore, while domestic institutional investors (DIIs) had also bought shares worth a net Rs 738.78 crore yesterday as per provisional data.
Globally, in the Asian region, Japan's Nikkei up 0.52 per cent and Shanghai Composite Index rose 0.26 percent, while Hong Kong's Hang Seng down 0.13 per cent.
In the Eurozone, Germany Frankfurt's up 0.45 per cent, Paris CAC rose 0.40 per cent in their early deals. London's FTSE edged higher 0.74 per cent.
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