Buying was visible across the sectors. Capital goods, technology, banking, oil & gas and auto stocks were among the top performers in trades today.
From the Nifty-50 basket of stocks, 42 stocks advanced while 8 stocks declined.
Cairn India was the top Nifty gainer, the stock advanced 6.76 per cent to close at Rs 184.70 on value buying after slumping nearly 7.5 per cent in the previous two sessions.
News reports citing sources had earlier said that oil exploration and production company Cairn India could be merged with another Vedanta group firm Vedanta Ltd. Vedanta Ltd shares were up 2.5 per cent after rising over 3 per cent on Tuesday.
Sun Pharma shares also closed 1.5 per cent higher at Rs 823 after the drug research firm SPARC said it has licensed out Xelpros to a subsidiary of Sun Pharma for the US market. Xelpros is a preservative-free eye drop used in the treatment glaucoma.
BHEL, Wipro, HCL Technologies, Tech Mahindra, Bajaj Auto, Reliance Industries, Larsen & Toubro, ICICI Bank, Tata Power, Infosys, Bharti Airtel, TCS, Tata Motors and HDFC Bank also closed 1.4-4 per cent higher on the Nifty.
The broader markets also witnessed buying interest. The BSE mid-cap and small-cap indices ended 1 per cent higher.
3:30 p.m.: Sensex ended 353 points higher at 26,834 and the Nifty advanced 102 points to settle at 8,124.
3:21 p.m.: The volatility index (NSE VIX) has fallen 4.9 per cent today. Analysts say the fall in volatility index suggests that the anticipation of volatility in coming days has come down as the option premiums on the Nifty puts have fallen.
3:15 p.m.: Motilal Oswal securities says that Bank Nifty has important support at 17,200 and in the near term it can go up to 18,800 19,000 in near term.
3:05 p.m.: Sensex up 370 points 26,851 and the Nifty advances 106 points to 8,128.
2:40 p.m.: Andrew Holland, CEO of Ambit Investment Advisors, said the correction is likely over in Indian markets but there are few triggers to move equities significantly higher.
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