Stocks end three-session decline

Sensex advances 115 points to close at 24,338

Indian stocks climbed for the first time this week as a rebound in oil prices spurred gains in regional equities.

Larsen & Toubro, the largest engineering company, rallied to a two-week high. Oil & Natural Gas Corp, the top state-owned explorer, was the best performer on the S&P BSE Sensex. Adani Ports & Special Economic Zone Ltd surged 2.6 per cent. Tata Steel Ltd ended a five-day 13 per cent retreat before its earnings. The S&P BSE Sensex advanced 0.5 per cent at the close in Mumbai, ending a three-day 2.6 per cent slide.

The India VIX Index, a gauge of demand for protection against stock-price swings, fell for the first time this week as global stocks re-bounded with oil, and optimism grew that central banks will remain supportive of economic growth. "Quite possible we have seen the worst of the volatility last month and things should improve," S Naganath, investment chief at DSP BlackRock Investment Managers, said. "The volatility will begin to subside as global central banks try to contain the negative investor sentiment by providing more liquidity."