Encouraged by a recovery in global stocks, the market snapped a three-day losing streak as the benchmark Sensex on Thursday gained 317 points, led by IT and metal stocks.
Reliance Petroleum reported a net profit of Rs 84 crore in the quarter ended March 31, 2009, raising hopes that other key corporates may announce encouraging Q4 results.
The Bombay Stock Exchange 30-share barometer settled the day at 11,134.99, a net rise of 317.45 points or 2.93 per cent over its previous close.
The Sensex had lost 206 points or 1.86 per cent in the last three days. The National Stock Exchange 50-share Nifty also recovered by 93.40 points or 2.80 per cent to close at 3,423.70.
Brokers said the market rallied smartly in afternoon trade as Asian stocks, besides US index futures, traded in positive territory.
A forecast by the Meteorological Department of a near normal monsoon also boosted market sentiment, they added.