Benchmark indices ended the day higher led by strong buying in pharma and IT shares. The gains came despite sharp drops across global markets, particularly the European markets.
The Sensex ended the day with gains of 100 points, while the Nifty rallied 28 points in trade. Leading the set of gainers in trade was Sun Pharma which jumped following an upgrade from Bank of America Merill Lynch.
Check Nifty gainers and losers
Banking stocks were slightly weakish in trade with State Bank of India and Axis Bank among the losers.
Shares in telecom stocks like Bharti Airtel and Idea were weak on reports that a competitor was rolling out handsets.
Hindalco slumped to a new 52-week low as metal stocks continued to be hammered. PSU banking stocks which have had a solid rally in the last few trading sessions gave up gains and ended the day lower. Bank of Baroda, Punjab National Bank and State Bank of India saw selling pressure.
Shares of Jaypee Infratech gained following the government's move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary in New Delhi .
Meanwhile, markets across Asia ended the day mixed with the Shanghai Composite jumping after fresh capital infusion in banks by the authorities there. Other markets like the Japanese Nikkei ended the day lower.