MUMBAI: After a tumultuous week marked by sharp declines, the benchmark Sensex rebounded significantly, closing 694 points higher on late buying in banking, steel, and oil & gas shares. The recovery came after the BSE Sensex hit a low of 78,296.70 and the Nifty dipped to 23,842.75 during early trading.
The BSE Sensex jumped 694.39 points, or 0.88 per cent, to settle at 79,476.63. At its peak during the session, it soared by 740.89 points, or 0.94 per cent, to reach 79,523.13. Meanwhile, the NSE Nifty climbed 217.95 points, or 0.91 per cent, closing at 24,213.30.
Weak opening
The markets opened weakly and traded within a negative bias in the first half, but value buying in the afternoon session helped the indices recover and close in positive territory. From the 30-share Sensex pack, JSW Steel surged nearly 5 per cent, while Tata Steel jumped nearly 4 per cent. Key gainers also included Axis Bank, IndusInd Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank, and UltraTech Cement.
In contrast, Adani Ports, ITC, Bharti Airtel, and Asian Paints faced losses during the session.
Asian markets reflected mixed results, with Tokyo, Shanghai, and Hong Kong closing in the green, while Seoul ended lower. European markets were trading higher, while US markets had ended lower on Monday.
Foreign Institutional Investors (FIIs) had offloaded equities worth Rs4,329.79 crore on Monday, contributing to market volatility. Global oil benchmark Brent crude rose 0.60 per cent to $75.53 a barrel.
The previous day, the BSE benchmark had dropped 941.88 points, or 1.18 per cent, to settle at 78,782.24, marking its lowest closing level since August 6, while the Nifty had fallen 309 points, or 1.27 per cent, to 23,995.35.
