Benchmark indices ended the day higher breaking a 4-day losing streak, in which the Sensex and the Nifty lost almost 7 per cent.
Tata Motors saw a spectacular rally with the shares surging almost 8 per cent in trade, after Deutsche Bank upgraded the stock to a buy. The other notable winners were Axis Bank, Vedanta and NTPC.
Bharat Heavy Electricals lost a huge 12 per cent after its results lagged street estimates. ONGC too declined after the company reported a dismal set of results.
Select banking stocks saw some recovery with IndusInd Bank and Yes Bank seeing some buying support. State Bank of India which had fallen by a huge 3 per cent saw in earl trade, ended flat.
Midcap stocks continued to see huge carnage. Just Dial fell 12 per cent, while Bata India and SAIL dropped by 4 per cent each.
Wockhardt Pharma dropped a huge 12 per cent in trade.
Meanwhile, most European markets were trading with sharp gains of around 1.5 per cent, after crude prices recovered in trade.