The S&P BSE Sensex ended up 129 points at 26,843 and the Nifty50 ended up 39 points at 8,220.
Benchmark indices staged a recovery in late trades after European shares reversed early losses even as focus shifted to the crucial meetings of OPEC members and the European Central Bank later today.
The S&P BSE Sensex ended up 129 points at 26,843 and the Nifty50 ended up 39 points at 8,220.
Among broader markets, BSE Midcap index has gained by 0.7% while BSE Smallcap index ended up 0.3%. Market breadth ended weak with 1364 losers and 1260 gainers on the BSE.
"Markets continue to remain in an uptrend with bouts of consolidation. Encouraging GDP and core sector data indicating that the economy is on the growth track have been the key triggers. Further, the recently concluded fourth quarter earnings which were better than expected and above normal monsoon forecast by the IMD also aided sentiment," says A K Prabhakar, Head of Research at IDBI Capital.
Investors will be keenly awaiting the outcomes of the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meet scheduled later today.
Global oil benchmarks Nymex and Brent were trading steady around $50 a barrel on mixed market signals ahead of an OPEC meeting in Vienna, which analysts said was not expected to result in restrictions on crude output.
The government on Wednesday announced increase ranging from 1.5% to 9.2% in the minimum support prices (MSPs) of Kharif crops for the 2016-17 season.
STOCKS
Tata Motors ended up over 1% after the auto major registered growth in sales at 40,071 units in May compared with 39,496 in the same month last year.
Axis Bank ended up over 2% after the Reserve Bank of India allowed raising foreign shareholding to up to 62% in the company, from the earlier limit of 49%.
Coal India emerged as the top Sensex gainer up nearly 4% amid encouraging production and sales in May while the recent hike in coal prices and talk of the government planning to initiate buyback of shares also aided sentiment.
Tata Steel UK today said it has completed the sale of its 4.5-million-tonne of long products division to Greybull Capital. Tata Steel ended over 2% higher.
Hero MotoCorp ended up 1.5% after the country's largest two-wheeler maker reported a 2.32% increase in sales at 5,83,117 units in May.
Other Sensex gainers include, HDFC, Infosys, SBI, ICICI Bank and L&T among others.
Among other shares, Crompton Greaves ended higher by 10% on the back of three-fold jump in trading volumes.
TVS Motor Company ended nearly 3% higher after the company reported 11% year on year increase in total sales at 243,783 units in May 2016 against sale of 220,079 units in May 2015.
Kajaria Ceramics ended up over 3% after the company announced that board will meet on Monday, June 6, to consider stock split of equity shares of the company of face value of Rs 2 each into Re 1 each.
Reports suggest that German consumer goods major Henkel AG might invest in Jyothy Laboratories, the maker of the Ujala brand of fabric care and detergent products, this year. The stock gained 3%.
Tree House Education & Accessories ended down 3.5% after the company announced that Zee Learn has decided to keep on hold the scheme of amalgamation of the company as per the share exchange ratio agreed upon.
