Rebounding from nearly two-week lows, the BSE benchmark Sensex today snapped a four-day downtrend by ending 30 points higher on the back of strength in Tata Steel, ICICI Bank, L&T and Tata Power shares.
However, the index ended around 3 per cent lower on a weekly basis as Sensex shed over 580 points from last Friday.
After plunging nearly 390 points yesterday, Sensex resumed today on a strong note at 19,813.72 but fell to a low of 19,571.91 intra-day. However, a late surge in beaten down stocks helped the index settle 30 points, or 0.15 per cent, higher at 19,704.33.
Shrugging off weak Q4 performance, shares of Tata Steel gained 4.56 per cent on and was the top gainer in Sensex.
The 50-share NSE Nifty index closed higher by 16.50 points, or 0.28 per cent, at 5,983.55. MCX-SX flagship index SX40 closed marginally lower by 1.17 points at 11,681.13.
Buying mainly in consumer durable, metal, capital goods, banking and power scrips supported rise in indices. However, Sun Pharma, TCS, ITC, SBI, Infosys and Tata Motors saw fall.
"With earnings season nearing its end, markets would await for signs of monsoons and development in global markets," said Sanjeev Zarbade, VP - PCG Research, Kotak Securities.
Second-line shares also were in demand with S&P BSE-Midcap and S&P BSE-Smallcap outperforming Sensex. TTK Healthcare (20 pc), Taj GVK Hotels (12.2 pc), United Breweries (9.9 pc), JM Financial (9.8 pc), United Spirits (6.5 pc) and Amara Raja (5.9 pc) notched up smart gains today.
However, Wockhardt after plunging by 20 per cent yesterday again fell by 6.5 per cent on concerns over its US business. Jet Airways and Fortis Healthcare lost in 3-4 per cent range.
Global markets remained volatile as investors awaited data on US durable goods orders in April.
In Asian markets, key indices in China, Japan and South Korea closed up in 0.22-0.57 per cent range while Hong Kong and Taiwan traded lower by 0.23 per cent and 0.34 per cent.
Japan's Nikkei, which led a global sell-off yesterday with a plunge of over 7 per cent, closed 0.9 per cent higher today.
In Europe, the CAC (France) was down by 0.04 per cent, the DAX (Germany) by 0.63 per cent and the FTSE (UK) by 0.66 per cent.
Coming back to India, 15 stocks out of 30-share Sensex finished higher.
Besides Tata Steel, major gainers from Sensex pack include Tata Power (3.75 pc), L&T (2.70 pc), ICICI Bank (2.60 pc), Sterlite Ind. (1.63 pc), Jindal Steel (1.37 pc), Maruti Suzuki (1.23 pc), NTPC (1.08 pc) and Coal India (0.71 pc).
However, losers were led by Sun Pharma fell by 3.67 per cent, followed Hindalco (1.70 pc), Cipla (1.63 pc), TCS (1.59 pc), Bhel (1.51 pc), SBI (1.15 pc), Tata Motors (0.93 pc), Hero MotoCorp (0.88 pc) and Gail India (0.86 pc).
Among the sectoral indices, S&P BSE-CD rose by 1.86 per cent, followed by S&P BSE-Metal (1.61 pc) and S&P BSE-CG ( 1.61 pc), S&P BSE-Bankex (0.96 pc), S&P Power (0.89 pc) and S&P BSE-Realty (0.73 pc).
However, the S&P BSE-HC dropped by 1.28 per cent, S&P BSE-IT by 0.74 per cent and S&P BSE-TECK by 0.66 per cent.
Market breadth turned positive as 1,189 shares finished with gains while 1,098 ended with losses.
The total turnover dropped sharply to Rs 1,981.93 crore from Rs 3,910.33 crore yesterday.
"Going forward, April core sector and fiscal deficit data and Q4 GDP numbers will be tracked closely. Expects Nifty to continue to stage a slow recovery towards 6090 levels in short term," said Amar Ambani, Head of Research, IIFL Ltd.
Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth a net Rs 316.23 crore yesterday, as per BSE provisional data.