Markets rebound amid gains in banking, oil and gas stocks

Mumbai: Benchmark stock indices Sensex and Nifty reversed early losses to close higher by 0.40 per cent on Monday helped by buying in index heavyweight Reliance Industries, ICICI Bank and Bharti Airtel amid gains in global equities.

After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-share BSE barometer staged a recovery in afternoon trade and climbed 231.29 points or 0.40 per cent to settle at 57,593.49. As many as 20 Sensex stocks closed with gains while 10

declined

The broader NSE Nifty recovered 69 points or 0.40 per cent to settle at 17,222 with 29 of its constituents ending in green. Bharti Airtel rose the most by 3.4 per cent among Sensex stocks. Axis Bank rose by 2.13 per cent, ICICI Bank by 1.59 per cent and SBI by 1.44 per cent.

Reliance Industries rose by nearly 1 per cent, helping the barometer recover from losses. IndusInd Bank rose by 1.33 per cent, Bajaj Finserve by 1.09 per cent while Kotak Bank and HDFC Bank also advanced.

FMCG major ITC jumped 1.54 per cent while Hindustan Unilever rose by 1 per cent.

The rupee appreciated 8 paise to 76.16 against the US dollar on Monday, supported by positive domestic equities and a fall in global crude oil prices. Meanwhile, international oil benchmark Brent crude declined 3.46 per cent to $116.3 per barrel.