New Delhi: The Indian equity benchmarks turned positive in a highly volatile trade on Monday led by gains in IT and pharma stocks. The 30-share BSE Sensex rose 296 points or 0.52 per cent to close at 57,420, while the broader NSE Nifty settled 83 points or 0.49 per cent higher at 17,086. The BSE index rebounded more than 850 points from its day's low of 56,543.08.
Mid- and small-cap shares jumped as Nifty Midcap 100 index climbed 0.44 per cent and Nifty Smallcap 100 index surged 0.20 per cent.
12 out of 15 sector gauges -- compiled by the National Stock Exchange -- settled in green. Nifty Pharma, Nifty IT and Nifty Healthcare jumped as much as 1.62 per cent.
"The Indian benchmarks managed to trade in green despite a negative opening in the morning as the market rebounds from Omicron shock. Domestic sentiments impacted by positive cues from other Asian markets as Singapore's manufacturing data showed a double-digit growth in November month," said Gaurav Garg, Head of Research, Capitalvia Global Research Ltd.
"Our research suggests that the levels of 57,400-57,500 (Sensex) may act as resistance levels in the market for short term. If the market breaches the levels of 57,400-57,500, we can expect the market to trade till the range of 57,600-57,700. Technical indicators also support positivity in the market," he added.
On the stock-specific front, Tech Mahindra stood as the top Nifty gainer as the stock soared 3.44 per cent to Rs 1,783.05. Shares of Cipla, Dr Reddy's, UPL and Kaotak Mahindra Bank also witnessed gains.
On the flipside, Hindalco, Britannia, ONGC, IndusInd Bank and Maruti fell as much as 1.42 per cent.
Shares of RBL Bank fell as much as 20 per cent after the lender's board accepted a request from Vishwavir Ahuja, managing director and chief executive officer, to proceed on medical leave with immediate effect.
On the BSE index, Power Grid, ICICI Bank, Sun Pharma, Mahindra & Mahindra, HDFC twins (HDFC and HDFC Bank) and Bajaj Finserv attracted the most gains with their shares rising as much as 3.40 per cent.
The overall market breadth stood positive as 2,154 shares advanced while 1,319 declined on BSE.
Also, shares of Adhesives Ltd rose 16.42 per cent in their market debut against the initial public offering price of Rs 274.
Meanwhile, the government said it will start administering Covid-19 booster shots as a precautionary measure to healthcare and frontline workers from January 10, as Omicron cases rose across the country.