The Indian equity benchmarks gained for second straight session on Wednesday led by gains in information technology heavyweights Infosys and Wipro which witnessed strong buying interest ahead of June quarter earnings. The benchmarks opened lower taking cues from weak Asian markets. However, buying in Infosys, Larsen & Toubro, Tata Consultancy Services, HCL Technologies and ITC helped Sensex recover over 350 points from day's lowest level and Nifty 50 index reclaimed its important psychological level of 15,850.
The Sensex ended 134 points higher to close at 52,904 and Nifty 50 index climbed 42 points to close at 15,854.
"Nifty witnessed some strong trends after breaching the level of 15,800. While sustaining above 15,800 is the key factor from a short-term perspective, maintaining above this level is important for the market to gain momentum and extend the rally to 15,900-15,950," Ashis Biswas, head of technical research at CapitalVia Global Research told NDTV.
Six of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index's over 3 per cent gain. Nifty Pharma, Media and Metal indices also closed on a positive note.
On the other hand, PSU Bank, Auto, FMCG and Financial Services indexes ended lower.
Mid- and small-cap shares witnessed mild buying interest as Nifty Midcap 100 index rose 0.24 per cent and Nifty Smallcap 100 index advanced 0.5 per cent.
Wipro was top Nifty gainer, the stock rose 7 per cent to close at Rs 561 ahead of its June quarter earnings due tomorrow. Tech Mahindra, Infosys, HCL Technologies, Larsen & Toubro, Tata Steel, Shree Cements, ITC, Cipla, TCS and NTPC also ended higher.
On the flipside, Maruti Suzuki, Adani Ports, Hindustan Unilever, Nestle India, Titan, Dr Reddy's Labs, Reliance Industries, HDFC Life, Tata Consumer Products, Tata Motors and Grasim Industries were among the losers.
The overall market breadth was positive as 1,797 shares ended higher while 1,443 closed lower on the BSE.