The key indices recovered in the last session of the day's trade, as healthy buying was witnessed in fast moving consumer goods (FMCG), oil and gas, and healthcare stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched up by 16.85 points or 0.20 per cent to 8,592.15 points.
Similarly, the barometer 30-scrip sensitive index (Sensex) of the BSE made marginal gains during the day's trade. It opened at 27,805.94 points, closed at 27,859.60 points -- up 84.72 points or 0.31 per cent, from the previous close at 27,774.88 points.
The Sensex touched a high of 27,902.39 points and a low of 27,697.33 points during the intra-day trade.
The BSE market breadth was tilted in favour of the bears -- with 1,530 declines and 1,156 advances.
On Wednesday, the benchmark indices had closed deep in the red due to profit booking, negative global cues and caution over upcoming quarterly results.
The Sensex had plunged by 310.28 points or 1.10 per cent to 27,774.88 points, while the Nifty fell by 102.95 points or 1.19 per cent to 8,575.30 points.
Initially on Thursday, the benchmark indices opened on a higher note due to value buying after Wednesday's slide.
However, the key indices soon ceded their initial gains on the back of profit booking, lower Asian markets and a dip in global crude oil prices.
Besides, caution ahead of the release of key banking sector's quarterly results and macro-economic data weighed heavy on the indices.
Key macro-economic data numbers, such as the factory output data -- Index of Industrial Production (IIP) -- for June and inflation figures for July are expected to be released on Friday.
In addition, depreciation in rupee's value dampened investors' sentiments.
The rupee weakened by 12 paise to 66.85 against a US dollar from its previous close of 66.73 to a greenback.
Nevertheless, value buying at lower levels aided the equity markets to pare their losses.
"Equity markets recovered due to value buying after prices were rendered attractive as a result of profit booking," Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.
"However, caution over the upcoming macro-economic data and banking sector results weighed heavy on the key indices throughout the session."
Dhruv Desai, Director and Chief Operating Officer of Tradebulls said that CNX Nifty traded with volatile sentiments throughout the session mainly due to short covering.
"IT stocks recovered well from day's low. Lower levels buying was seen in FMCG, banking and pharma stocks," Desai said.
"Sugar stocks continued with bearish sentiments in today's session as well. Firm sentiments in USD/INR futures prices pressurised the price movement of Nifty."
According to Nitasha Shankar, Senior Vice President for Research with YES Securities,
broader markets ended on a mixed note and underperformed the headline indices.
"Late surge in the FMCG index pulled the benchmark indices higher. PSU bank and media indices remained under pressure," Shankar said.
In terms of investments, the provisional data with exchanges showed that the foreign institutional investors (FIIs) purchased stocks worth Rs 608.35 crore, whereas the domestic institutional investors (DIIs) divested scrip worth Rs 621.65 crore.
Sector-wise, S&P BSE FMCG index surged by 123.41 points, followed by oil and gas index which increased by 78.23 points, and healthcare index rose by 35.02 points.
However, S&P BSE automobile plummeted by 95.15 points, the metal index receded by 66.30 points, and the banking index declined by 35.36 points.
Major Sensex gainers during Thursday's trade were: Lupin, up 2.27 per cent at Rs 1,580.05; ITC, up 1.82 per cent at Rs 251.15; ICICI Bank, up 1.27 per cent at Rs 242.35; Asian Paints, up 1.25 per cent at Rs 1,144.45 and Tata Consultancy Services (TCS), up 1.14 per cent at Rs 2,704.30.
Major Sensex losers were: State Bank of India (SBI), down 1.97 per cent at Rs 226.95; Adani Ports, down 1.91 per cent at Rs 253.60; Mahindra and Mahindra (M&M), down 1.88 per cent at Rs 1,420.70; Gail, down 1.07 per cent at Rs 371.15; and Sun Pharmaceuticals, down 1.03 per cent at Rs 808.90.
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