Sensex rises 185 points to close at 39,086, Nifty eyes 11,550

NEW DELHI: Markets finished higher for the second consecutive session on Wednesday with the benchmark BSE sensex rising nearly 200 points led by gains in metals, and IT stocks.
After a highly volatile session, the 30-share BSE index rose 185 points or 0.48 per cent higher to close at 39,086; while the broader NSE Nifty settled 65 points or 0.56 per cent higher at 11,535.
M&M, Power Grid, Tata Steel, IndusInd Bank, Reliance and HCL tech were the top gainers in the sensex pack rising up to 6.10 per cent.
While Bajaj Auto, Asian Paints, Sun Pharma, HDFC, Nestle India and HUL were the major losers falling as much as 2.15 per cent.
On the NSE, sub-indices Nifty Media, Metal, IT and Auto gained as much as 3.26 per cent.
According to traders, weak cues from other Asian markets kept investors cautious.
"Banks are still under a little bit of pressure because of (the telecom dues ruling) yesterday," Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors told news agency Reuters. The Supreme Court on Tuesday gave mobile carriers 10 years to settle government dues.
"However, I don't expect any large downside (to the markets) unless this China problem really erupts," he added.
On the currency front, rupee depreciated 16 paise and settled at 73.03 (provisional) against the US dollar tracking muted domestic equities and strengthening American currency.
Meanwhile, exchange data showed that foreign institutional investors bought equities worth Rs 486.09 crore on a net basis on Tuesday.
(With agency inputs)