It was the second consecutive day on the Indian bourses when the last one-hour of trading saw a significant rally. Both the Sensex and the Nifty closed in the green today after being in the red until about 2.15 pm.
The Nifty closed at 4,733.85, up 41 points (0.87 per cent) while the Sensex closed at 15,813.36, up 128 points (0.82 per cent).
“There is no need to rejoice as the pullback happened purely due to short-covering and does not indicate any bullish upmove,” said a dealer from an Indian brokerage.
Volatility was down three per cent as the India Vix closed at 26.84.
DLF, PNB, Tata Motors, IDFC and JP Associates were the top five Nifty gainers while Wipro, Sesa Goa, Bharti Airtel, Cairn and SAIL were the top losers.