Benchmarks indices snapped two sessions of losses on Thursday amid a rally in banking and finance stocks. Sensex closed 374 points higher at 48,080 and Nifty jumped 109.75 points to 14,406.
The rally in the market came even as the deteriorating COVID-19 situation remained a concern. In early trade, Sensex had plunged 501 points but managed to end in the green.
ICICI Bank was the top Sensex gainer rising up to 3.60 per cent, followed by HDFC, Bajaj Auto, HDFC Bank, SBI, Kotak Bank, Bajaj Finance and Axis Bank.
On the other hand, Titan, HUL, Asian Paints, Nestle India, UltraTech Cement and Tech Mahindra were among the top Sensex losers, falling up to 2.75 per cent.
India clocked over 3.14 lakh new coronavirus cases in a day, the highest-ever single-day count recorded in any country, taking the total tally of COVID-19 cases in the country to 1,59,30,965, as per the Union Health Ministry data updated on Thursday.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty seems to have reversed up from the lows. But the fear of sharp sell on rise is still persist until 14560 level is surpassed decisively on the upside. The intraday chart setup could signal a possibility of another sell on rise around 14450-14500 levels in the next 1-2 sessions."
Of 30 Sensex stocks, 18 ended in the green today. Market cap of BSE-listed firms swelled by Rs 97,313 crore to Rs 202.61 lakh crore in today's session. Market breadth was positive with 1,724 stocks ending higher against 1,203 falling on BSE.
157 stocks were unchanged in trade today. BSE midcap and small cap indices rose 55 points and 123 points, respectively in trade today.
Banking stocks were the top gainers with BSE bankex closing 754 points higher at 36,054. Bank Nifty closed 670 points higher at 31,782.
Global markets were largely in the positive territory as investors monitored the vaccination progress and economic recovery in multiple countries, though the unabated rise in COVID-19 cases remained an overhang.
In Asia, bourses in Hong Kong, Seoul and Tokyo ended on a positive note, while Shanghai was in the red. Bourses in Europe were trading with gains in mid-session deals.