The benchmark Sensex closed above the psychological 16000 mark for the first time in last four sessions, on the back of buying interest in technology, cement, pharma, banking, select telecom and capital goods. Positive global cues also helped the markets.

However, the selling in oil & gas, FMCG & realty stocks along with JSPL, Hindalco, Maruti, M&M and Reliance Communication capped the gains to major extent.

The markets were marginally weak in the first half one hour of trade while the rest of the day was in positive terrain along with volatility. Recovery in Asian markets helped the markets to turn strong; Taiwan and Straits Times gained 2% each. Kospi and Hang Seng gained over 1.1%. Jakarta and Shanghai were up 0.5% each. However, Nikkei fell just 0.2%.

European markets and US index futures were trading marginally higher, at the time of closing of Indian equities.

The 30-share BSE Sensex closed at 16,042.18, up 106.57 points or 0.67% and the 50-share NSE Nifty rose 0.68% or 32.25 points to settle at 4,792.65. The broader indices also ended higher; the BSE Midcap and Smallcap indices gained 0.44% each.

Technology and cement stocks were the star performers. Infosys and Wipro surged 2.9% each. TCS and HCL Tech gained 1.5% each.

In the cement space, Grasim was the top gainer on the Nifty with 4.7% jump. ACC and Ambuja Cements rallied 3% each.

Buying in banking stocks also led the support; Axis Bank rose 1.5%. SBI and ICICI Bank gained 0.7-0.9%. PNB and HDFC Bank were up 0.3% each.

Capital goods stocks like L&T, Jaiprakash Associates and Siemens moved up over 1.1%. BHEL was up 0.2% while ABB lost 0.78%.