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After a nearly two per cent decline the day before, the stock markets ended the day up by around 0.7 per cent.
The BSE Sensex ended at 17,207, up 110 points from its previous close and the NSE Nifty closed higher by 22 points at 5,222.65.
“The market was largely held up by the IT sector stocks. If you remove the effect of the IT stock, the market did not really do well,” said Mr Gaurav Dua, Head of Research, Sharekhan.
Tata Consultancy Services (TCS) was the top performing stock among the Sensex stocks. The stock was up 13 per cent at the end of the trading session. The BSE IT Index was up by five per cent.
Global uncertainty
Market analysts say that interest in the market is event-based due to global uncertainty.
The European crisis continues to haunt investors globally as the austerity measures introduced have received severe backlash leading to the underperformance of the European stocks.
On Tuesday, European stocks bounced back after a nearly three per cent decline the day before.
The top five Sensex stocks were TCS, Wipro, Tata Power, Hero MotoCorp and Infosys. The top five laggards were L&T, Bharti Airtel, Bajaj Auto, DLF and GAIL.
India Vix — the NSE volatility index — was down 11 per cent.
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