Tracking stable crude oil prices after overnight drop and increase in  gasoline stockpile of the United States, equity benchmarks of Bombay Stock Exchange and National Stock Exchange snapped their three-day losing run and staged a smart recovery on Thursday.

On domestic front, rise in Goods and Services Tax revenue for September to more than `95,000 crore and corresponding drop in revenue deficit of many states also facilitated the 30-share Sensitive Index of BSE to regain 33,000-mark and 50-scrip Nifty of NSE to partially recoup its losses. The NSE index has been trading with negative bias for past seven sessions. Both main gauges ended the day at their high points.

Market leader Reliance Industries was in the lead of Thursday’s rally which was also fuelled by short covering by traders.

But top global markets would be watching next move by the Organisation of Oil Exporting Countries (OPEC) which is likely to decide on whether or not to retain its crude production cut in near future.

Oil and gas, IT, FMCG and auto shares were among main gainers in Dalal Street. Sensex and Nifty opened with positive gaps and held on to their gains for the session. RIL, TCS, Infosys and some other heavyweights were under selling pressure for first three days of the current week, say analysts, as traders booked profit citing uptrend in crude oil prices and increase in Consumer Price Index (CPI) and Wholesale Price Index (WPI) inflation.

The Sensex closed at 33,106.82 (+346.38) points, up 1.06 per cent. Nifty at 10,214.55 (+96.70) points gained 0.96 per cent. Bank shares too were back in investors’ favour as Nifty Bank ended the day at 25,446.60 (+227.70)points increasing 0.90 per cent.

In Sensex, 24 stocks advanced and seven declined. For Nifty, the ratio was 37:13. In previous three sessions, Sensex had lost 554.12 points.

With the second earnings season of the current  financial year coming to end, the market looks ahead to GDP data for Q2 which is due later this month.

Any improvement in Q1’s 5.7 per cent economic growth will have potential to serve as fresh trigger for the indices to increase their gains in 2017 calendar year.

Top gainers in BSE benchmark included Infosys `988, 3.79 per cent, SBI `334, 2.71 per cent, RIL `905, 2.56 per cent and Tata Motors `415.25, 1.63 per cent.