Sensex ends up 113 pts
The Sensex has ended (provisional) at 16,059 - up 113 points. Nifty has ended up 31 points at 4,809.
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(Updated at 1423 hrs)
Markets are trading near the day's high on sustained buying in metal and IT shares. BSE Sensex touched a high of 16,213 after gaining steadily for most part of the day. The Sensex was up 182 points at 16,128. Nifty added 41 points to 4,819.
Asian markets recovered from day's low and ended on a flat note. Nikkei dropped 0.4% to 8,314. Hang Seng added 0.1% at 18,251. Markets in Shanghai and Seoul were also flat.
Back in India, markets are likely to remain volatile for the next two days as traders roll over positions in futures and options segment on Thursday.
BSE metal and IT shares have jumped. IT index has moved up 2.6% as the rupee depreciated to a fresh 32-month low of 52.15 against the dollar on Monday. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. Heavyweight Infosys added 3% at Rs 2,742. TCS and Wipro were up 1-2% each.
With the rupee falling to a lifetime low, Finance Minister Pranab Mukherjee today said RBI intervention in the forex market will not arrest the slide as FIIs' pullout and global reasons were behind the depreciation.
Metal index was up 2.7% at 10,345 as investors took to bargain hunting. Tata Steel added 3.8% to Rs 395. Hindalco and Sterlite advanced nearly 3% each.
Auto, oil & gas and banking shares were up in trades. Market heavyweight, Reliance, was up 1.3%. Reports suggest that the oil ministry may decide within a month on taking action against RIL for falling natural gas production at the D6 block in the Krishna-Godavari basin.
Tata Motors surged 7.5% to Rs 173 after losing as much as 11% in the last three days. The company has announced the launch of a new version of the Nano which is being projected as more fuel efficient and powerful.
Bharti Airtel was the top loser - down 2.5% at Rs 379. The stock continued Monday's weakness after the Central Bureau of Investigation (CBI) conducted searches at company's office in Gurgaon.
Tata Power, Mahindra & Mahidra, Bajaj Auto and Hindustan Unilever also declined marginally in trades.