The Sensex rallied on hopes of a rate cut by the Reserve Bank of India (RBI) at its upcoming monetary policy review and positive global sentiment after robust Chinese manufacturing activity and progress in US-China trade talks.
The Sensex gains were led by metal, auto, energy and infra sector stocks amid positive global cues. Similarly, the NSE Nifty settled the day at 11,655.60, rising 31.70 points, or 0.27 per cent, over its previous close.
The 30-share index opened on a positive note at 38,452.47, but soon succumbed to heavy selling pressure, touching an intra-day low of 38,089.36. It finally closed at 38,164.61, down by 222.14 points, or 0.58 per cent.