Sensex bounces back 834 points from day’s low as bank stocks help D-St stage smart recovery

Domestic equity benchmarks staged a dramatic recovery in a volatile session on Monday after a steep gap-down start tracking global peers, following Fed official Jim Bullard’s hawkish comments that suggested the first interest rate hike by the US central bank could come as early as the end of 2022.

While buying interest seen in shares in the financial space, especially those of PSU lenders, along with metal and real estate securities helped the markets bounced back, selling pressure witnessed in automobile and select IT scrips limited the upside.

The S&P BSE Sensex index ended 230.01 points or 0.44 per cent higher at 52,574.46, recovering 834.27 points from the weakest level of the day at 51,740.19. The broader NSE Nifty50 benchmark settled at 15,746.50, up 63.15 points or 0.40 per cent from its previous close.

Among blue-chip stocks, UPL was the top laggard, ending 4.38 per cent lower. Wipro, , Maruti, , Hindalco and TCS were among other losers in the Nifty50 universe.

On the other hand, Adani Ports was the top performer, up 5.13 per cent. NTPC, Titan, SBI,

, IndusInd Bank and Tata Steel were among 36 gainers in the 50-scrip index.

However, investors remained on the back foot after a hawkish turn by the US central bank led the Nifty and the Sensex to post their first weekly loss in five on Friday.

That after both indices had touched record highs earlier this month amid declining coronavirus infections and easing of pandemic-led restrictions.

In broader markets, Birla Cable, J&K Bank,

, GMR infra and Crisil – closing between 7.16 per cent to 20 per cent higher – were among the top gainers. On the other hand, TCNS Clothing, , Rajesh Exports, Emami and ICICI Securities, closing with cuts of 1.95-6.25 per cent each, were the top losers.

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