The 30-share Sensex was up 191 points at 28,707.75 and the 50-share Nifty was up 54 points at 8,714.
Sensex falls 117.03 pts to end at 28,883.11; Nifty closes 32.85 pts down at 8,723.70.
The BSE Sensex and Nifty fell more than 2 per cent on Tuesday, heading for their biggest daily loss since the midst of the rupee crisis in 2013
Increased demand from oil importers for the American currency kept pressure on the rupee
Global investment firm Citigroup is bullish on Indian equity markets.
CLSA says government actions to facilitate investment more important for revival than a token monetary easing.
CLSA expects annual net inflows of $15 billion from domestic investors over the next few years in India.
In New York market, the dollar continued to weaken against its rivals yesterday on a day devoid of major data releases out of Europe and the US.
De-allocation could raise import bill by $3 billion, add to coal shortage.
The bank says valuations are still high, foreign mutual funds are still 'very overweight' on Indian shares.
The domestic currency had lost 49 paise to close at a three-month low of 60.55 on Thursday on capital outflows after the US Fed trimmed its monthly bond buying programme by another $10 billion.
n New York market, the dollar posted second-quarter losses against nearly all major rivals yesterday, with the exception of the euro.
These sectors have underperformed the wider market over the past year and are seen having far more upside potential if the economy picks up thanks to Modi's reformist agenda.
The investment bank also says no ministries were merged even as some ministers were given more than one portfolio.
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The benchmark has gained 2 per cent this week on continued hopes the incoming Narendra Modi government would unveil substantial economic reforms.
Tata Motors is trading at 8.32 times 12-month forward PE, just marginally away from 8.31 times for Sesa Sterlite, currently the cheapest in the 30-member Sensex.
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UBS added that its strategists are positively surprised by the scope and tone of the Plenum document.
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