What a smart recovery that was by the bulls! Not only did they manage to pull benchmarks out of the negative zone, the rally ensured a strong close after Wednesday’s session.

The Sensex recovered over 350 points to close above 36,000-mark, while the Nifty recovered over a percent from the day’s low to close above 10,850-mark.

A rally among banks, automobile companies as well as consumption names aided sentiment on D-Street. Axis Bank, in the financials segment, led the gains for banking stocks.

The day began on a positive note, tracking global cues and trends on SGX Nifty. However, the market were off their highs by afternoon. Some selling among metals weighed on the market. By the penultimate hour, the markets had dived into the red. Following steady earnings from IndusInd Bank, the market staged a sharp recovery.