After falling to a nearly 14-month low, the Bombay Stock Exchange benchmark Sensex rebounded at noon on Wednesday by gaining 48 points as funds and investors returned to buy fundamentally strong shares at existing low levels.
The 30-share index, which had been on a downward march since last five trading session and plunged over 375 points in the opening session, bounced back 48.49 points to 14,155.07 at 1200 hrs.
It had breached a crucial 14,000 level in the early trade today to 13,731.54 points, a level last seen on May 11, 2007.
The second wide-based National Stock Exchange, after cracking 4100 points level to 4093 level in opening session, bounced back to 4215.85, revealing a gain of 24.75.
Selling pressure gathered momentum after the Reserve Bank of India raised key interest rates to control rising inflation but funds shrugged off the impact at later stage attracted by stocks available at lower levels and rebounded the market sentiments, brokers said.