Mumbai: Ignoring weak global markets, the benchmark Sensex Monday reversed initial losses and closed up with a gain of over 116 points at two-week high of 27,206.74 on the back of buying in blue-chips like ITC and ONGC.
The 30-share BSE Sensex resumed lower following weak Asian cues and dropped to a low of 26,918.93, revealing a fall of over 170 points from previous close.
After mid-session, the index rebounded on buying in select key counters to settle with a gain of 116.32 points or 0.43 percent at 27,206.74, a level not seen since September 9, 2014 when it had settled at 27,265.32.
The wide-based 50-issue CNX Nifty of the NSE also moved up by 24.85 points or 0.31 percent to end at 8,146.30 in the fourth straight day of rise.
"Nifty has regained above 8100 level, which is a positive indicator in near term. The index is consolidating at higher levels with positive bias. In coming sessions, global cues and economic news shall be crucial triggers for further market direction," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
Tobacco products major ITC was among most sought after stocks as it closed up by 3.12 percent, contributing over 60 points to the Sensex kitty.
Tata Motors, ONGC, HDFC and SBI also notched hanesome gains and supported the Sensex rise.
However, Infosys, Sun Pharma, Cipla and Tata Steel suffered losses.
Consumer durable, FMCG, Auto and Refinery segments attracted good buying support while Metal, Pharma and Realty counters were at the receiving end.
Markets will remain volatile with side-way movements during the week on cautioun ahead of monthly expiry of futures & options (F&O) on Thursday.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 6.53 crore on last Friday as per provisional data issued by stock exchanges.
Globally, Asian shares slipped on profit-taking and Europe was trading weak in noon trades.
Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Indian equities traded strong for the day with the help of bluechip companies and FII buying. But at start, local indices opened weak on concern over slowdown in China."
Asian markets closed lower between 0.26 percent and 1.70 percent on slower growth in China while European stocks too were trading weak in late morning deals. The CAC (France) was down by 0.24 percent, the DAX (Germany) by 0.32 percent and the FTSE (UK) by 0.50 percent.
Back home, 13 out of 30 Sensex-based scrips closed with gains while others finished with losses. Other major gainers were Tata Motors 3.93 percent, ONGC 3.48 percent, Hero MotoCorp 1.65 percent, SBI 1.30 percent, GAIL 0.99 percent, HDFC 0.98 percent and TCS 0.92 percent.
However, Cipla fell 2.27 percent, BHEL 2.09 percent, Tata Steel 1.86 percent, Hindalco 1.37 percent, Infosys 1.36 percent, Sun Pharma 1.18 percent, Tata Power 1.02 percent and NTPC 1.01 percent among day's Sensex laggards.
Among the S&P BSE sectoral indices, Consumer Durables rose by 3.12 percent, FMCG by 1.90 percent, Auto by 1.10 percent and Oil&Gas by 0.88 percent.
Losers include Metal dipped 1.22 percent, Pharma 0.89 percent and Realty 0.80 percent.
Total market breadth turned positive as 1,682 stocks closed with gains while 1,353 finished with losses. Total market turnover was at Rs 3,299.03 crore.
