The benchmark Sensex gained 4,642.84 points, or 16.%, while the broader NSE Nifty surged 1,572.85 points, or 18.20% during this period.
The NSE Nifty, which dipped below the key 10,800-mark to touch a low of 10,755.40, bounced back on late buying to close at 10,817.70, up 9.65 points, or 0.09 per cent.
A steep decline in the Asian equities after crude oil fell to its lowest since September 2003 dented sentiments.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
The Sensex has now lost 878.32 points in six sessions -- its longest string of losses in six months.
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
India's two-wheeler giant, the Hero Group, has signed American golf legend Tiger Woods as its brand ambassador in a four-year deal that targets capturing new markets in North America and Europe.
The 50-share NSE Nifty too closed down 168.30 points, or 1.58 per cent, at 10,498.25 -- a level last seen on January 3 when it closed at 10,443.20.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
Investors lost Rs 2 trillion as Sensex crashed on Tuesday.
According to the data released by Society of Indian Automobile Manufacturers (SIAM), domestic car sales in October this year stood at 1,59,036 units as compared to 1,63,199 units in the same month of 2013.
Maruti Suzuki, Hyundai, Mahindra and Toyota reported low single-digit sales growth for the month owing to weak market sentiment
The NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.
The entire series consists of the shorter format of cricket, which draws more audiences.
Both the indices ended at their highest levels since February 1.
A series of flip-flop on policies and a non-existent charging infrastructure are the biggest challenge in achieving the target of selling 6-7 million hybrid and electric vehicles by 2020.
It was the second straight week of gains for the benchmarks.
Sales of commercial vehicles rose 8.59 per cent to 56,140 units in September, SIAM said.
The broader NSE Nifty index too finished lower by 4.80 points, or 0.05 per cent, at 10,632.20.
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
Coal India was the biggest gainer on both Sensex and Nifty
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
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Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Investors booked profits in recent gainers
Large manufacturers are investing in small companies to get a peek into their R&D. Alnoor Peermohamed and Anita Babu report.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
Car makers are cautiously optimistic, even as two-wheeler firms are clearly upbeat.
As the festive season approaches, two-wheeler manufacturers are gearing up to give their best. One of the major segment of the industry - -- the 150cc motorcycles - -- is already on fire with lots of fresh offerings.
Five companies get more volumes from scooters than motorcycles.
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Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
Car sales in India surged by 12.87 per cent in December.
Honda has grown from 15% in FY12 to 27% now; Yamaha has doubled share to 5% in five years.
Besides, a sharp 8% decline in Chinese stocks added to the sell-off in domestic equities
Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors.