Covering-up of short positions supported late recovery, helping wipe off initial losses.
Despite gains in April, the regional index was still trading at a discount to the MSCI All Country World index's forward P/E of 15.2, suggesting Asian stocks were still cheaper than global peers.
Mumbai: Breaking its two-day slide, the benchmark Sensex today closed up at 32,325 after fag-end buying, led by consumer durables, oil and gas and auto, amid a firm trend in Europe.
Covering-up of short positions supported the late recovery, helping wipe off initial losses. The 30-share index started on a bearish note, but late buying helped it settle up 87.53 points, or 0.27 per cent, at 32,325.41.
The gauge had lost 337.29 points in the previous two sessions. The NSE Nifty closed higher 52.75 points, or 0.53 per cent, at 10,066.40 after touching a high of 10,075.25.
On a weekly basis, the BSE managed to close with gains for the fifth straight week by rising 15.53 points, or 0.04 per cent. NSE too ended up 51.90 points, or 0.51 per cent.
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