Mumbai: Indian shares snapped a four-day losing streak and climbed 3.3 per cent on Wednesday.
There was hectic short covering as shares opened higher in Europe following a rebound in Asia, but the market undercurrent remained edgy with investors watching every twist in the fraud-scarred Satyam Computer Services saga.
Shares in Satyam erased gains of 8.8 per cent at the start and ended down 4.2 per cent at Rs29.95 on lingering concerns about the outsourcer's future.
The main 30-share BSE Index closed up 3.3 per cent, or 299.13 points at 9,370.49, with 26 components gaining. In the broader market, gainers outstripped losers by 1.4:1 on average volume of 240.1 million shares.
Energy group Reliance Industries, which has the heaviest weightage in the index, rallied nine per cent to Rs1,178.15, it biggest one-day rise in a month.
Bellwether Infosys rose more than six per cent to Rs1,304.85, extending the previous day's gains after the No 2 outsourcer's quarterly earnings jumped by a third, beating market forecasts.
Shares in Reliance Communications, India's second-largest mobile operator, rose 10.4 per cent to Rs185.40, its best gain in nearly two months.
HDFC Bank, the second-largest private sector lender, posted a 45 per cent rise quarterly net profit, above expectations, but its shares fell 1.2 per cent to Rs977.35 on rising bad debts.
Its bigger rival ICICI Bank rose 3.5 per cent to Rs441.1, while largest lender government-run State Bank of India rose 1.9 per cent to Rs1,199.80.
