Mumbai: The BSE Sensex and NSE Nifty closed higher amid rangebound trade on Tuesday, led by short covering and somewhat build up in long positions for ITC and Reliance Industries.
The NSE benchmark ended above the 5100 level at 5,103.85, a gain of 39.60 points over previous close. Meanwhile the BSE benchmark climbed 154 points to 16,859.80 that managed to recover more than half of gains; the index had tanked 244 points yesterday.
Oil & gas stocks led the rally. India's most valued stock Reliance Industries surged 2.6 per cent and state-owned oil & gas producer ONGC was up 1.7 per cent.
Gas transportations services provider GAIL rose 2.66 per cent while even oil marketing companies like HPCL and IOC gained 6 per cent and 3.5 per cent, respectively. BPCL moved up nearly 2 per cent.
Shares of cigarettes to FMCG and hotels major ITC jumped 2.5 per cent after reports that the company increased prices of select Sunfeast biscuits by 10 per cent.
Banking stocks saw somewhat short covering after a day of sharp fall. On Monday, banks stocks had tumbled as the RBI surprised the street by keeping policy rates and CRR unchanged. Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank gained 0.6-1.2 per cent.
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