Sensex, Nifty Recover From Intraday Lows; Vedanta Surges 10%

In the last hour of trade, Sensex surged as much as 692 points from the day's lowest level.

Sensex, Nifty Recover From Intraday Lows; Vedanta Surges 10%

Domestic stock markets staged recovered most of intraday losses on Tuesday on the back of buying interest in banking stocks at lower levels. Benchmark equity indices S&P BSE Sensex and NSE Nifty 50 traded 0.84 per cent and 0.66 per cent lower, respectively, in late afternoon deals, having plummeted more than 2 per cent each in the first half of the session. The gauge of banking shares on the NSE - the Nifty Bank index - was down 0.91 per cent, having fallen as much as 3.50 per cent earlier. The Sensex was back above 31,300 in the last hour of trade, after sliding below the 30,850 level in morning.

At 3:02 pm, the Sensex was down 84 points or 0.27 per cent at 31,477 and the Nifty 50 index was flat at 9,239.

Seven of the 11 sectoral gauges compiled by the National Stock Exchange traded higher at the time, led by the Nifty Metal index, which was up 0.9 per cent. The Nifty FMCG, IT, Media and PSU Bank indices also traded with a positive bias.

On the other hand, the Nifty Private Bank index was the top loser, down 0.5 per cent.

Vedanta was top gainer in the Nifty 50 basket of shares. The stock rose 10 per cent to Rs 88 apiece on the BSE. NTPC, Bharti Airtel, Bharti Infratel, ITC, IndusInd Bank, Power Grid, Axis Bank, Bajaj Finance and Britannia Industries were also among the gainers.

On the flipside, Reliance Industries was the top loser, down 4 per cent at Rs 1,513 on the bourse. Kotak Mahindra Bank, GAIL India Asian Paints, Cipla, Dr. Reddy's Laboratories and Hindustan Unilever were among the losers.

Overall market breadth was negative as 1,355 shares declined while 860 advanced on the BSE.