Equity benchmark indices experienced extreme swings on Tuesday as investors awaited corporate earnings for the previous fiscal year and the country heads for general elections beginning on Thursday.
Banking, auto, realty and metal stocks moved sharply in the positive zone two hours before the closing bell.
The BSE S&P Sensex closed 237 points higher at 38,939 while the NSE Nifty 50 moved up 67 points at 11,672.
Among the prominent gainers were Yes Bank, ICICI Bank, Wipro, Tata Motors, Coal India and Vedanta.
Those which lost included Indiabulls Housing Finance, Asian Paints, Bharti Airtel, Infosys and Dr Reddy Labs.
Shares of Panacea Biotec gained 10 per cent after India Resurgence Fund and affiliates announced an investment of Rs 992 crore in the company.
Firstsource Solutions closed 6 per cent up after reports said Rakesh Jhunjhunwala has increased his stake during the March quarter from 2.89 to 3.26 per cent, as the stock was available cheaper in terms of valuations.
Meanwhile, Asian shares were mostly in the positive zone as investors braced for the upcoming crucial Brexit summit.
Market experts said the outcome of China’s trade talks with the United States and the European Union could add to some volatility to markets.