Market benchmark Sensex recovered by 115 points to end at 24,338.43 on value-buying in recently beaten-down stocks.

Statement by Union Minister Venkaiah Naidu expressing hope that key reform bills including GST and bankruptcy will get passed in the Budget Session beginning February 23, also perked up the market mood.

In addition, the rupee rising by more than half a rupee against the dollar also supported the recovery. Indexes in Asia and European logged smart gains as speculations that the US is likely to maintain status quo on rates this year pushed up oil prices in Asian trade.

But concerns over muted quarterly results remained, brokers said. "The uptick in crude hasn't lifted the domestic sentiment since investors are stepping into a conservative mode. The focus has now shifted to budget," said Vinod Nair, Head- Fundamental Research, Geojit BNP Paribas.

Aviation stocks tumbled after sharp rebound in crude. Jet Airways plunged 5.57 percent, SpiceJet fell 8.33 percent and InterGlobe Aviation tanked 4.40 percent.

In the broader markets, the 30-share Sensex swung widely on alternate bouts of buying and selling, before settling at 24,338.43, higher by 115.11 or 0.48 percent. Intra-day, it moved between 24,514.01 and 24,224.74.

Latest News  from Business News Desk