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Shares ended 0.6 per cent higher in choppy trade on Thursday, marking an end to the December derivatives series, but posted their first yearly loss in four.
The broader NSE index ended 0.63 per cent higher, above the psychologically important 7,900 mark. The index has lost 4.06 per cent this year after three consecutive years of gains.
The benchmark BSE index rose 0.61 per cent to end above the crucial 26,000 level. The index has lost 5.03 per cent this year, its first annual loss since 2011.
The Sensex gained 157.51 points to end at 26,117.54 while the NSE Nifty rose 50.10 points to finish at 7,946.35.
India Vix was down 3.34 per cent at 13.87.
Gains in financial and IT stocks marginally edged out losses in consumer, industrials and healthcare shares.
Stock-specific action
Jet Airways rose 7.83 per cent while Godrej Consumer Products Ltd gained 3.39 per cent after they were included in the NSE derivatives markets.
Cadila Healthcare finished lower by 14.90 per cent at Rs 327 after the drugmaker said it received a US Food and Drug Administration warning for violating manufacturing standards at two of its production facilities.
Nifty gainers/losers
HDFC added 2.4% to Rs 1,263.50. Zee Enterprises gained 2.34 per cent to Rs 438.20. GAIL rose 2.12 per cent to Rs 375.95.HCL Tech climbed 2.08 per cent to Rs 858. Infosys rallied 1.91 per cent to Rs 1,107.
PNB was the top Nifty loser. It ended down 1.53 per cent at Rs 116. Vedanta lost 1.36 per cent to end at Rs 90.70. Axis Bank finished lower by 1.18 per cent at Rs 449.75. YES Bank fell 1.13 per cent at Rs 725.95 and Hero MotoCorp ended down 0.91 per cent at Rs 2,688.30.
Analysts feel there have been several positives for Indian equities despite the annual decline in the frontline indexes.
Local fund managers, flush with cash from strong mutual fund inflows this year, have used every dip in the market to buy more stocks.
"There is a revival of confidence in the market. Despite the market not remaining on the higher side, local investors have been pouring money into the market," said Deven Choksey, managing director at KR Choksey Securities.
Revival in corporate earnings, a stable monsoon after two successive drought years and progress on tax reforms will be key domestic triggers for the markets in 2016.
Global markets
European shares were set on Thursday to end 2015 with gains made over the course of the year, although they remained below earlier peaks after weak commodity prices weighed on markets in the final quarter.
Britain's blue-chip FTSE 100 index and France's benchmark CAC-40 index were both down 0.4 per cent on Thursday.
Germany's DAX was closed for a public holiday, while other markets were due for only a half day of trading.
Brent crude oil prices stayed near 11-year lows, with shares in oil companies such as BP and Total falling.
"The FTSE is crawling towards the finishing line looking a bit bruised and battered," said Spreadex analyst Connor Campbell.
Both the FTSE and DAX have fallen from record highs reached in April, pulled down partly by concerns about a slowdown in China, which is the world's second-biggest economy and a major consumer of commodities such as metals and oil.
Economic stimulus measures from the European Central Bank have prevented markets from losing too much ground, with the main German and French markets both up some 10 percent in 2015.
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