Late buying pushed up the Bombay Stock Exchange benchmark Sensex by over 52 points on expectations that the excise duty cuts might lead to reduction in prices of auto, teck and consumer goods.
The Sensex, which dipped to 8,788.32 points during the day, bounced back to record a gain of 52.30 points at 8,954.86 as shares in the auto, refinery and software sectors gained. The index gained 80.50 points in the previous day's trading.
The 50-share National Stock Exchange index Nifty also rose by 23.15 at 2,785.65, after touching the day's low of 2,731.90 and a high of 2,797.80 points.
The benchmark indices remained weak in afternoon trade even as hopes of rate cuts brightened after inflation fell to a 15-month low. A strong opening in European stock markets helped the Sensex recover initial losses.
Participants creating fresh positions in the first trading of the current derivatives segment today also pushed up the market to end with gains.
Concerns about rising borrowing costs for Indian corporates weighed on the market as fears of a downgrade of the country's sovereign rating by global agencies loomed large. PTI
