Sensex rebounds 230 pts; Nifty ends above 15,700

Sensex rebounds 230 pts; Nifty ends above 15,700

MUMBAI [Maha Media]:  Equity benchmark Sensex rebounded from the day's low to end 230 points higher on Monday, tracking recovery in HDFC twins, SBI and Reliance Industries amid a mixed trend in global equities.

After plunging over 600 points in early trade, the 30-share BSE index made a U-turn to settle 230.01 points or 0.44 per cent higher at 52,574.46. Similarly, the broader NSE Nifty advanced 63.15 points or 0.40 per cent to 15,746.50.

NTPC was the top gainer in the Sensex pack, rallying around 4 per cent, followed by Titan, SBI, HUL, IndusInd Bank and UltraTech Cement.

On the other hand, Maruti, TCS, Tech Mahindra and L&T were among the laggards.

Domestic equities witnessed brisk recovery after seeing steep gap-down opening, but shrugged-off weak global cues once again, said Binod Modi, Head - Strategy at Reliance Securities.

"Strong rebound in PSU banks was a prime factor for market's recovery. Further, Reliance Industries also recorded some gains ahead of its AGM and arrested market's fall. Barring Auto and IT, most key sectoral indices recovered to green from initial losses," he added.

Notably, investors once again seemed to be lapping up quality midcap and smallcap stocks after the recent steep correction.

Elsewhere in Asia, bourses largely ended with losses. In Europe, equities were trading on a positive note in mid-session deals.

International oil benchmark Brent crude was trading 0.18 per cent higher at USD 73.64 per barrel.
 

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