SENSEX recovers over 1,000 points from day's low; NIFTY50 trades above 25,000

The Indian equity benchmarks staged a strong recovery in late morning deals owing to buying interest in index heavyweights like HDFC Bank, State Bank of India, Bharti Airtel, Larsen & Toubro, IndusInd Bank, Sun Pharma and Adani Ports. The SENSEX recovered as much as 1,149 points from day's lowest level and NIFTY50 touched high of 25,062.90 after hitting low of 24,737.

As of 11:37 am, the SENSEX was down 57 points at 82,119.65 and NIFTY50 index declined 33 points to 24,971.

The rebound in markets came on the back of buying in banking stocks as the measure of 12 banking stocks on the National Stock Exchange, NIFTY Bank index, rebounded 794 points from the day's lowest level to hit an intraday high of 55,831.35. Nine out of 12 shares in the NIFTY Bank index were trading higher led by IndusInd Bank's 2.71% gain. IDFC First Bank, State Bank of India, Federal Bank, AU Small Finance Bank, Canara Bank and Punjab National Bank were also trading higher.

Broader markets, which showed resilience in the morning trading, recovered all their losses and were trading higher. NIFTY Midcap 100 index rose 0.14% and NIFTY Smallcap 100 index rose 0.4%.

On the sectoral front, metal, pharma, PSU bank, private bank, realty and consumer durables shares were also witnessing buying interest.

On the other hand, select IT, auto and FMCG shares were facing a mild selling pressure.

IndusInd Bank was top gainer in the NIFTY50 index, the stock rose 3% to ₹821. Trent, Adani Ports, Asian Paints, State Bank of India, Adani Enterprises, Jio Financial Services and Tata Steel were also among the gainers.

On the flipside, UltraTech Cement, NTPC, Grasim, JSW Steel, Tata Motors, Eternal and Tata Consumer Products were among the losers.

The overall market breadth was turned marginally positive as 1,942 shares were advancing while 1,743 were declining on the BSE.