The Indian equity benchmarks staged a smart recovery in afternoon deals led by gains in index heavyweight Reliance Industries, Hindustan Unilever, State Bank of India, Bajaj Finance, Bajaj Finserv, Asian Paints, HDFC and HDFC Bank. The Sensex recovered as much as 740 points from the day's lowest level and Nifty 50 index moved above its important psychological level of 15,700 after hitting an intraday low of 15,505.65. The benchmarks staged a gap down opening taking weak global cues as US markets came under a selloff after comments by Federal Reserve on interest rates. Federal Reserve official James Bullard had said the US central bank might raise interest rates sooner than previously expected.
As of 2:22 pm, the Sensex was up 108 points at 52,453 and Nifty 50 index climbed 29 points to 15,712.
Six of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Auto index's 0.7 per cent decline. Nifty IT, Bank, Financial Services and Private Bank indexes were also trading marginally lower.
On the other hand, media, realty, PSU bank, metal and FMCG shares were witnessing buying interest.
Mid- and small-cap shares were trading flat as Nifty Midcap 100 index rose 0.1 per cent while Nifty Smallcap 100 index was trading unchanged.
UPL was top Nifty loser, the stock fell 4.46 per cent to Rs 772. Hindalco, Tata Motors, Mahindra & Mahindra, Wipro, Larsen & Toubro, ICICI Bank, Indian Oil, Power Grid, Maruti Suzuki, Tata Consumer Products, Tech Mahindra, TCS, SBI Life and Coal India were also among the losers.
On the flipside, Adani Ports was top Nifty gainer, the stock rose 6 per cent to Rs 738. NTPC, UltraTech Cement, Hindustan Unilever, Asian Paints, HDFC Life, Bajaj Auto, Bajaj Finserv and Divis Labs were among the gainers.
Adani Group shares were rallying in an otherwise weak market on reports that the promoters purchased shares from the open market after sharp drop in the Adani Group shares last week.
The overall market breadth was positive as 1,770 shares were advancing while 1,385 were declining on the BSE.