The benchmark indices showed some recovery in today's trade and ended the session on a positive note after seeing sharp sell-off on Monday. Recovery was led by capital goods, power, financial, metal (barring Sterlite), auto and select telecom stocks. The indices had opened lower following weak global cues but managed to recover the losses in the later part of the day. Overall, it was a volatile session for the markets.

Monday's top draggers Reliance Industries and Sterlite continued to reel under pressure. Selling was also seen in Bharti, Wipro, Reliance Petroleum, Reliance Power and Hero Honda.

The 30-share Sensex recovered 336 points from the day's low of 14,621.97 and hit an intraday high of 15,022.19, before closing at 14,957.91, up 0.55% or 82.39 points. The 50-share NSE Nifty finished the trade above the 4500 mark and recovered nearly 112 points from the day's low of 4405.95. It went up 0.75% or 33.80 points, to settle at 4517.80.

The broader indices outperformed the benchmark indices; the BSE Midcap Index was up 2.2% or 112.96, to 5,226.16 and the Smallcap Index rose 2.13% or 125.60 points, to 6,011.36.

In the largecaps, Reliance Infrastructure, SBI, Jaiprakash Associates, Tata Steel, Tata Power, Reliance Capital, Axis Bank and BPCL were the top gainers, went up 3.7-6.5%.

Ambareesh Baliga, Karvy Stock Broking said, "A correction is over due, but I think we will have a market which will be bound between 4,300 levels on the downside and possible 4,700-4,800 levels on the upside. But I feel it will be more on the downside."

"I don't think we have still discounted the monsoons which I think may not be as good as what we have been envisaging earlier. So that is one negative which can come up possibly in the next one week's time. And when you know clearly that monsoons are getting delayed and possibly once you have something concrete coming from the MET department, I think you will have some correction because of that," he added.

Banking, power, metal and auto stocks helped the markets to bounce back; respective indices went up 1-2.3%. Among the financials, Axis Bank, SBI, Kotak Mahindra, PNB and HDFC Bank were up 1-5.8%. Reliance Capital was up 6.5% and HDFC rose 1%.

In the power pack, Torrent Power, Reliance Infrastructure, Tata Power, GMR Infra, GVK Power, CESC and NTPC gained 1-6.5%. In the capital goods space, Punj Lloyd, Suzlon Energy, ABB, Siemens and L&T jumped 1-4%.

In the metal space, Jindal Steel, Hindustan Zinc, Tata Steel, SAIL, Hindalco, JSL, JSW Steel and NALCO were up 1-4.7% while Sterlite lost 4.42% and Sesa Goa was down 1.06%.

Among the auto stocks, M&M, Amtek Auto, Tata Motors and Ashok Leyland gained 1-2.5%. Maruti Suzuki and Bharat Forge were up 0.6-0.7% while Hero Honda declined 0.69%.

In the pharma pack, Sun Pharma and Cipla went up 2.5-3.3%. Wockhardt, Fortis Health, Biocon, Sun Pharma Advanced, Glenmark and Ranbaxy Labs were up 0.6-1%. FMCG stocks like, Ruchi Soya shot up 9.92% and United Spirits surged 5.74%. HUL, GlaxoSmith Consumer, Nestle, ITC and Tata Tea went up 0.5-1%.

Realty stocks like HDIL, Orbit Corporation, Sobha Developers, Parsvnath, Unitech, Indiabulls Real and Omaxe gained 1.5-5.7%. DLF was up just 0.26%.

In the oil & gas space, BPCL, HPCL, GAIL, IOC and Cairn India moved up 1-3.9% while RNRL tumbled 7.15%. Reliance Petroleum and Reliance Industries fell 1.8-2.2%. ONGC was flat.

In the midcap space, IndusInd Bank, Tech Mahindra, IDBI Bank, LIC Housing Finance and Apollo Tyres gained 9-17%. In the smallcap segment, Spectacle Industries, Atul, Gujarat Alkalies, SREI Infra, Sulzer and Stride Arcolab went up 10.5-17%.

Shipping stocks like ABG Shipyard, Bharati Shipyard, Essar Shipping, Garware Offshore, Great Offshore, Mercator Lines and Shipping Corp moved up 2-9%.

The market breadth also turned back in the green in second half of the session due to positive broader indices. About 1692 shares advanced while 1072 shares declined on the BSE. Nearly 381 shares remained unchanged.

Total traded turnover stood at Rs 96,767.30 crore. This included Rs 21,149.19 crore from the NSE cash segment, Rs 68,737.85 crore from the NSE F&O and the balance Rs 6,880.26 crore from the BSE cash segment.

Global cues

At the time of closing of Indian equities, European markets were trading with marginal gains while US futures were flat in trade.

Asian markets ended lower. Nikkei lost 2.86%. Hang Seng, Jakarta Composite and Straits Times fell 1.2-1.9%. Kospi declined 0.94% and Shanghai fell 0.48%. Taiwan Weighted was flat.