Sensex bounces back to close higher; Reliance Industries gains

MUMBAI (Reuters) - India's stock markets clawed back losses to close higher on Wednesday, led by gains in Reliance Industries and with lenders resuming a rally on continued hopes that the Reserve Bank of India (RBI) would cut interest rates.

The benchmark BSE Sensex rose 0.55 percent to end at 24,793.96, while the broader NSE Nifty ended up 0.62 percent at 7,531.80.

The NSE has earlier fallen as much as 0.8 percent, with investors fretting about the implications of weak Chinese trade data.

Reliance ended up 1.4 percent amid expectations that it would soon announce a dividend. Punjab National Bank closed 1.5 percent higher, after shedding 2 percent on Tuesday.

 

(Reporting by Aastha Agnihotri; Editing by Savio D'Souza)