The market bounced back in the afternoon trade led by oil & gas, technology, capital goods and auto (four-wheeler) stocks. European markets, which lost 3.5-5% yesterday, too gained further on the back of short covering; France's CAC, Germany's DAX and Britain's FTSE were up over 1%.
The 30-share BSE Sensex was trading at 16,753, up 39 points and the 50-share NSE Nifty rose 13 points to 5,029. But the market breadth was in favour of declines; about 616 shares gained while 784 shares dropped.
Reliance Industries recovered all its losses and gained over 2%. ONGC too rose nearly 2%.
In the technology space, TCS, HCL Tech and Wipro were up 1-2%; Infosys went up 0.5%. M&M, Tata Motors and Maruti from auto pack rallied 2-3%.
BHEL, HDFC Bank, HDFC, Kotak Mahindra Bank, L&T, Axis Bank, SAIL and Hindalco were other gainers.
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