Experts, however, caution that though the moves are positive for the sector as a whole, they don't expect much gain in the near-term.
The 30-share Sensex ended down 339 points at 28,119 and the 50-share Nifty closed 100 points lower at 8,438.
Sensex gained nearly 0.4% or 96 points at 26087 level while Nifty ended up by 42 points or 0.5% at 7,791.40 level.
Investors booked profits after strong 641-point rally in the previous two sessions, brokers said.
Markets in green tracking firm global cues.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
The BSE MidCap and SmallCap indices during this period have outperformed the blue-chip indices.
ICICI Bank, SBI, Axis Bank and HDFC Bank dipped between 1-2% each.
Market breadth on the BSE ended firm as 1,908 shares advanced and 1,156 shares declined
Sensex gained 38.18 points or 0.15% at 25,918.95 and Nifty ended higher by 12.50 points or 0.16% at 7,739.55.
Benchmark share indices ended lower for the third straight session as investors turned cautious amid tensions in Iraq even as consumer durables shares stole the limelight tracking rally in gold prices.
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Investors often forget that the movements in indices such as the Sensex reflects the performance of its constituent stocks; nothing else.
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