Markets recovered during the late half of the trading session, with Nifty gaining more than 1%. Banking stocks, which were subdued in the early trade, recovered later to add up to the gains on Nifty.
The Nifty closed at 5318, up by 49 pts or +0.92%.
The Bank Nifty managed to close in strongly in the green with a gain of over 1%.
ICICI Bank, which remain soft earlier, gained during the afternoon, and closed with 1.4% gains. HDFC Bank also managed to close with 1.8% gains. PNB gained to close 1% higher. SBI also closed 1.6% higher.
IDFC was the top gainer with 5.4% surge.