The market closed higher for the fourth consecutive session after yet another day of volatile trade on October 12, supported by PSU bank, metal, FMCG and auto names.
At close, the Sensex was up 148.53 points, or 0.25 percent, at 60,284.31 and the Nifty was up 46 points or 0.26 percent at 17,992.
"Following selling in IT stocks as a result of a weak start to the earnings season and weakness in global markets, the domestic market traded in the negative zone,” said Vinod Nair, Head of Research at Geojit Financial Services.
But, strong support from PSU banks on renewed hopes of privatisation and continued buying in consumer goods, metals and auto helped indices close on a positive note, he said.
Global markets traded lower on fears of rising inflation due to soaring commodity prices and energy crunch, Nair added.
Titan Company, Bajaj Auto, Bajaj Finserv, SBI and Hindalco were among the major gainers on the Nifty. HCL Technologies, HDFC Life, Coal India, Tech Mahindra and Shree Cement were among the big losers.
The Nifty IT index shed nearly a percent, however, auto, FMCG, PSU bank and metal indices were up 1-3 percent.
The broader indices BSE midcap and smallcap indices rose 0.2-0.6 percent.
Stocks and sectors
On the BSE, except IT, all sectoral indices ended in the green. FMCG, metal and auto were up a percent each.
Among individual stocks, a volume spike of more than 200 percent was seen in Jubilant FoodWorks, Canara Bank and Bajaj Auto.
Long buildup was seen in Bata India, Crompton Greaves Consumer Electrical and Astral, while short buildup was seen in TCS, Dalmia Bharat and Bandhan Bank.
More than 300 stocks, including Tata Motors, SBI, Lloyds Steels Industries, Jubilant FoodWorks and Delta Corp, hit a 52-week high on the BSE.
Technical view
The Nifty formed a bullish candle on the daily frame, with a long lower shadow indicating buying visible on every small decline.
"Now, it has to hold above 17,950 for an up move towards 18,100 and 18,200 levels, whereas on the downside, support is seen at 17,850 and 17,777 zones," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.
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