The Indian equity benchmarks recovered most of their intraday losses in noon deals on Monday as gains in in information technology and metal heavyweights such as Infosys, TCS, HCL Tech, Hindalco and Bharti Airtel outpaced losses in index heavyweights like Reliance Industries, ICICI Bank, HDFC Bank, Hindustan Unilever, Mahindra & Mahindra and Axis Bank. The Sensex recovered as much as 370 points from the day's lowest level and Nifty 50 index touched an intraday high of 17,375.50 after hitting low of 17,269.15.
As of 1:21 pm, the Sensex was down 62 points at 58,242 and Nifty 50 index fell 8 points to 17,361.
Positive opening from European markets also aided recovery in Indian stocks, analysts said. Germany's DAX was up 0.61 per cent, England's FTSE 100 index advanced 0.44 per cent France's CAC40 index rose 0.49 per cent.
Back home, eight of 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty IT index's 1 per cent gain. Media, Metal, Realty and FMCG indices also rose between 0.3-1 per cent.
On the other hand, Oil & Gas, Private Bank, Bank, Financial Services and PSU Bank indices were trading lower.
Among the individual shares, Jet Airways shares rose by their daily maximum limit of 5 per cent to hit an intraday high of Rs 83.50 after an investor consortium backed by UAE businessman Murari Lal Jalan said that Jet Airways will resume domestic operations by the first quarter of 2022 and international flights from the second half of 2022. Once India's biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.
Reliance Industries was the top Nifty loser, the stock fell nearly 2 per cent to Rs 2,380 after the company delayed the launch of its affordable smartphone JioPhone Next, which it is developing in partnership with Google.
ICICI Bank, SBI Life, Adani Ports, Mahindra & Mahindra, Eicher Motors, HDFC Bank, Divi's Labs, Shree Cements, Hindustan Unilever and Axis Bank were also trading lower.
On the flipside, Coal India, Hindalco, TCS, Bharti Airtel, Maruti Suzuki, UPL, HDFC, Bharat Petroleum, Wipro and ITC were among the gainers.
The overall market breadth was marginally positive as 1,696 shares were advancing while 1,464 were declining on the BSE.