Benchmark indices ended the day higher after having fallen for six straight days, as buying in metal and select IT stocks helped support the index.
The Sensex ended the day with gains of 31 points, while the Nifty gained 9 points in trade. Stocks that lost ground from the Nifty were Tata Motors, Cipla, Bharti Airtel and ITC. TVS Motors rallied 5% after the 2-wheeler major recorded a 14 percent volume growth in sales for the month of October 2015.
Shares in PVR dropped 2 per cent, despite a rise in net profits. Banking stocks like Axis Bank and ICICI Bank saw good buying in trade and were among the gainers.
The momentum is likely to continue given that sales will be boosted by the festive season. Shares in Adani Power ended flat after the company approved issue of equity shares on preferential basis.
Select mid cap stocks saw god buying support with Divis Labs, Petronet LNG and Voltas among the gainers. Most of the Asian markets ended the day higher, except the Chinese Shanghai Composite which dropped in trade. Europe was trading with marginal gains with the German DAX, French CAC and the UK's FTSE among the gainers.