Final trade: Nifty reclaims 24,300 levels; ONGC top Nifty gainer

Amid strength in the energy, metal and pharma pack, Indian equities continued to trade higher and snapped 3-day losing streak atfer global worries caused a rub-off impact. Nifty at the close ended higher by 1.34 per cent or 322.7 points at 24,315.25, while Sensex ended 1.11 per cent or 874.94 points higher at 79,468.01.

Vinod Nair, Head of Research, Geojit Financial Services on the markets today said, "Global markets experienced a notable rebound after the BoJ's Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors, with the Realty sector seeing a relief rally due to the reinstatement of indexation benefits."

The carry trade issue appears to have been eased for now and the focus is on the ongoing RBI policy, which is likely to hold the rate and positive economic outlook, he added.

Sectorally, the energy pack led the gains that ended with hefty gains of over 3 per cent, led by gains in ONGC, GAIL and Oil India among others.

Rupak De, Senior Technical Analyst, LKP Securities mentioned that "Nifty remained sideways during the session as traders waited for the RBI monetary policy meeting scheduled for Thursday. An indecisive candlestick pattern is visible on the daily chart. On the higher end, resistance is observed at the 24,400-24,500 levels. Selling pressure around that level might induce a correction in the market. On the higher end, the trend might change to bullish if Nifty gives a decisive breakout above 24,500."

Meanwhile, European markets also traded on a positive note with French CAC being the most resilient.