The BSE benchmark Sensex today regained the psychological 16,000-point level and closed higher by 274 points, its biggest single-session gain since March 30, as stocks of oil and banking sectors led gains amid a recovery in the rupee from its record lows.
The 30-share barometer, after losing 235 points in the past two trading sessions, bounced back to regain 16,000-point level to close at 16,222.30, showing a rise of 274.20 points or 1.72 per cent. Out of the 30 Sensex stocks, 24 scrips ended higher.
ONGC with 5.74 per cent gains led the Sensex rally, followed by Bharti Airtel (5.62 pc) and HDFC (4.38 pc).
Brokers said moderate recovery in the rupee from intra-day loss of Rs. 56.38 and a steep hike in petrol prices of Rs 7.54 per litre by oil marketing companies that would lower their subsidy burden mainly buoyed the trading sentiments.
Further, a higher opening in the European markets also had a positive impact on trading mood, dealers said.
All the 13 sectoral indices, led by banking, oil and gas, ended in the positive territory with gains up to 2.33 per cent.
Similarly, the broad-based National Stock Exchange index Nifty regained the key 4,900 level and closed 85.75 points, or 1.77 per cent higher at 4,921.40.
Among state-run oil companies, BPCL gained 0.55 per cent to Rs. 725.90, ONGC 5.74 per cent to Rs. 256.95, Oil India by 0.80 per cent to Rs. 452.60 and GAIL India by 0.43 per cent to Rs. 325.35. Shares of Reliance Industries also ended 1.35 per cent higher at Rs. 696.45 apiece.
Meanwhile, rupee strengthened by 18 paise to trade at 55.82 against the American currency on the Interbank Foreign Exchange market in pre-close trade today on selling of the dollar by banks and exporters.