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The benchmark BSE Sensex ended higher by nearly 180 points as domestic investors heavily bought into recently battered metal, auto and oil & gas stocks amid a firm European market.
Domestic Institutional Investors (DIIs) were net buyers as they bought shares worth Rs 96.82 crore, while Foreign Portfolio Investment (FPIs) offloaded shares amounting to Rs 325.10 crore, provisional data showed.
However, concerns prevailed ahead of earnigns season and macroeconomic data, to be released later this week.
The 30-share BSE index Sensex closed higher by 173.01 points or 0.65 per cent at 26,899.56 and the 50-share NSE index Nifty ended up 52.55 points or 0.64 per cent at 8,288.60.
Among BSE sectoral indices, metal index gained the most by 1.31 per cent, followed by auto 1.26 per cent, capital goods 1.02 per cent and consumer durables 1.01 per cent, while only realty index was down 0.42 per cent.
Top five Sensex gainers were Adani Ports (+3.25%), Tata Motors (+2.99%), Tata Steel (+2.1%), Asian Paints (+1.54%) and HDFC Bank (+1.46%), while the major losers were Axis Bank (-1.17%), Dr Reddy's (-0.58%), HDFC (-0.47%), NTPC (-0.43%) and Lupin (-0.21%).
Tata Motors surged as JLR had said on Monday sales rose 20 per cent to a record last year.
Hero MotoCorp rose as much as 0.93 per cent after declining in the previous two sessions.
Among other gainers, Max Ventures and Industries jumped as much as 17.5 per cent to Rs 79.40, its highest since July 8. The company said it will sell 22.5 per cent stake to unit of New York Life Insurance Co for Rs 121 crore ($17.79 million).
Key events
The broader NSE index is up 0.61 per cent so far this year, but has moved in a narrow range as investors wait to see how earnings shape up in the latest quarter, given fears about the economic impact from India's move to ditch higher-value notes.
Sentiment was also subdued ahead of India's Budget, scheduled on February 1, and caution ahead of key global events such as Donald Trump's swearing-in as US president later this month.
“Markets are consolidating like they have been in the past couple of weeks and are in a very narrow range as they wait for the quarterly results and for Donald Trump to take over as president of the U.S,” said Dipen Shah, senior vice president, public client group research, Kotak Securities.
A report by Angel Broking said: "US markets had a mixed session with energy stocks moving downward on lower oil prices. The NYSE Arca Natural gas Index fell 2.4 per cent, while the NYSE Arca Oil & Gas Index slid 1.4 per cent. Lack of economic data as well as upcoming earnings updates from financial giants Bank of America (BAC), JPMorgan Chase (JPM), and Wells Fargo (WFC) kept trading activity low during the session.The FTSE closed positive in spite of negative news regarding Brexit and economic data. The British pound drifted lower on worries over the likelihood of a "hard Brexit'', after comments by the UK Prime Minister. British house price inflation accelerated unexpectedly at the end of the year. House prices climbed 6.5 per cent in three months to December YoY. This was against an expected inflation of 5.8 per cent."
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