SBI, RIL propel Markets to recover from initial lows

Mumbai: The BSE Sensex wiped off early losses to finish with smart gains on Monday, propped up by 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 benchmark 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 3.87 per cent, followed by Titan, SBI, HUL, UltraTech Cement, Tata Steel and IndusInd Bank.

In value terms, HDFC twins, HUL and Reliance Industries accounted for most of the gains.

On the other hand, Maruti Suzuki was the biggest laggard, shedding 0.82 per cent, after the country's largest carmaker said it will increase prices of its entire product portfolio in the second quarter of the current fiscal due to rise in prices of various essential commodities, including steel.

TCS, Tech Mahindra, M&M, L&T and Infosys were among the other losers, skidding up to 0.74 per cent.

"The domestic market opened on a weak note due to the hawkish monetary policy of the U.S Federal Reserve. But the market clawed back above day's low and closed in the green as the market expects a faster economic recovery owing to the PM's announcement on free inoculation for all citizens.

Sectorally, BSE power, realty, utilities, oil and gas, finance and bankex rose up to 2.55 per cent, while auto, IT and teck ended in the red. Broader BSE midcap and smallcap indices rose up to 0.83 per cent.