Markets pares early losses, Sensex closes 488 points higher

New Delhi: Markets recovered early losses by closing in the positive on Thursday with both equity indices closing above 1.20 percent amidst gains in financial and auto stocks.

The BSE Sensex jumped 488.89 points or 1.25 percent at 39,601.63 while the NSE Nifty zoomed 140.30 points or 1.20 percent at 11,831.75.

Intra-day the 30-share index moved between high of  39,638.64 and low of 38,933.78 while the Nifty shuttled between high of 11,843.50 and low of 11,635.05.

Top gainers in the Sensex pack were Yes Bank, Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors, ONGC, Bharti Airtel, Vedanta, Heromoto Corp, rallying up to 10.94 per cent.

Bucking the trend, HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent.

Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after tanking nearly 90 percent in the past 13 sessions.

On a net basis, foreign institutional investors sold equity worth Rs 97.05 crore, and domestic institutional investors offloaded shares to the tune of Rs 104.91 crore, provisional data available with stock exchanges showed on Wednesday.