Benchmarks rebound on last-hour buying, Sensex closes up 111 points

Benchmark Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services.

Helped by buying at the fagend, the 30-share BSE Sensex closed higher by 111.66 points or 0.15 per cent at 72,776.13. The index opened lower and plummetted further 798.46 points or 1.09 per cent to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points or 0.22 per cent to 22,104.05. The 50-issue rebounded around 310 points from the day's low of 21,821.05 and hit a high of 22,131.65.

From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

Tata Motors dropped over 8 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024.

NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

Experts said that market volatility was high amid the ongoing Lok Sabha polls. As many as 96 seats went to polls in the fourth phase of elections on Monday.

In the broader market, the BSE midcap gauge climbed 0.36 per cent while smallcap index dipped 0.23 per cent.

Among the indices, services climbed 1.41 per cent while realty (1.32 per cent), healthcare (1.15 per cent), industrials (1.03 per cent), commodities (0.79 per cent) and bankex (0.65 per cent) also advanced.

Consumer Discretionary, telecommunication, utilities and auto were among the laggards.

In Asian markets, Seoul,

Tokyo and Shanghai settled lower while Hong Kong ended in the positive territory.

European markets were trading mostly lower. Wall Street ended mostly higher on Friday.

Foreign institutional investors (FIIs) offloaded equities worth Rs 2,117.50 crore on Friday, according to exchange data.Global oil benchmark Brent crude climbed 0.28 per cent to USD 83.02 a barrel.

The BSE benchmark climbed 260.30 points or 0.36 per cent to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44 per cent to 22,055.20.