The 30-share Sensex swung between gains and losses during the day but closed 160 points or 0.26 percent higher at 62,571 – snapping its four-day losing streak.

Likewise, the NSE Nifty rose 49 points or 0.26 percent to end at 18,609 – marking its first gain in three days.

On the Sensex chart, Axis Bank, IndusInd Bank, L&T, ICICI Bank, Infosys and SBI were among major gainers.

Among the losers were Sunpharma, PowerGrid, TCS, Kotak Bank and Nestle Industries.

As per election trends, BJP was moving towards a historic majority in Gujarat as counting progresses. In Himachal Pradesh, Congress was leading by a comfortable margin.

“After touching a record high, the domestic market experienced significant volatility as global markets tumbled due to fear of an economic slowdown and worries over a Fed rate hike. Recession fears weighed on IT and pharma stocks while banks, especially PSBs, continued to support the bourses. This volatility is expected to sustain in the global market as we await the Fed policy decision and US inflation numbers due next week,” said Vinod Nair, Head of Research at Geojit Financial.

Asian equities edged higher on Thursday, propped up by Hong Kong and China stocks even as growing fears of an economic slowdown and worries over the pace of the Federal Reserve’s interest rate hikes weighed on sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.19 percent, set to snap a two-day losing streak. China’s stock market was 0.12 percent higher, with Hong Kong’s Hang Seng Index surging nearly 2 percent.

The gains in Chinese shares came after some investors booked profits on Wednesday after the government announced sweeping changes to ease a tough anti-COVID policy that has battered the world’s second-largest economy.