The Indian equity benchmarks staged a strong recovery in afternoon deals on the back of buying interest in heavyweights like HDFC, Infosys, Kotak Mahindra Bank, Titan and Bajaj Finserv. The Sensex rose as much as 810 points from the day's lowest level and Nifty 50 index touched an intraday high of 18,077.60 after hitting a low of 17,836.10.
As of 2:10 pm, the Sensex advanced 520 points to 60,588 and Nifty 50 index was up 158 points at 18,074.
"The Indian Benchmarks started today on a positive note amid mixed global cues. Sentiments got a boost as industry chamber PHDCCI said India's economic recovery gained momentum in the recent months on the back of rapid progress in vaccinations," Gaurav Garg, head of research at Capitalvia Global Research said.
Buying was visible across the board as eleven of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Consumer Durables index's over 2 per cent gain. Nifty Oil & Gas, Realty, Metal, Media, IT, Financial Services and Auto indexes also rose between 0.8-1.6 per cent.
On the other hand, Nifty Pharma, Healthcare, Bank and Private Bank indices were trading lower.
Mid- and small-cap shares were witnessing buying interest as Nifty Midcap 100 index advanced 0.92 per cent and Nifty Smallcap 100 index rose 0.74 per cent.
In the IPO market, Paytm's Rs 18,300 crore share sale via IPO, which opened for subscription today, was subscribed 11 per cent by 2:10 pm.
UltraTech Cement was top Nifty gainer, the stock rose 4.3 per cent to close at Rs 8,218. Titan, Indian Oil, Bajaj Finserv, HDFC, Grasim Industries, Kotak Mahindra Bank, Tech Mahindra, Tata Motors and Bharat Petroleum also rose between 2.5-4.2 per cent.
On the flipside, IndusInd Bank was top Nifty loser, the stock dropped over 10 per cent to Rs 1,068 after a report suggested that whistleblowers raised issue of ever greening of loans at its arm Bharat Financial Inclusion Limited (BFIL). Whistleblowers including a group of senior employees at Bharat Financial Inclusion alerted the Reserve Bank of India and the board of IndusInd Bank about lapses in governance and accounting norms to allegedly 'evergreen' loans running into thousands of crores since the outbreak of Covid-19, The Economic Times newspaper reported on November 5. Meanwhile, IndusInd Bank has clarified that the allegations made by by certain anonymous individuals purportedly acting as whistleblowers are grossly inaccurate and baseless.
Divi's Labs, State Bank of India, Mahindra & Mahindra, Hindalco, Maruti Suzuki, Asian Paints and Axis Bank were among the notable losers.
The overall market breadth was positive as 1,783 shares were advancing while 1,501 were declining on the BSE.