Sensex Rebounds Over 500 Points From Day's Lows; Reliance Industries Top Gainer

Reliance Industries has gained 1.8 per cent to Rs 2,253.90 to top the gainers list on the BSE, and Bajaj Finance and Dr Reddy's have gained 1-2 per cent each

Sensex Rebounds Over 500 Points From Day's Lows; Reliance Industries Top Gainer

Adani Enterprises, Adani Power, Adani Total Gas and Adani Green fell up to 25 per cent each

The domestic stock markets have recovered all their losses and turned positive, due to strength in index heavyweights such as Reliance Industries and Infosys. At 2:10 pm, the BSE Sensex has rebounded around 500 points from the lows of the day and is now trading at 52,546.50, higher by 70.89 points and the NSE Nifty was at 15,804.54, up four points or per cent. In the broader markets, the BSE Midcap index is trading lower by 0.8 per cent and the BSE Smallcap index iss trading absolutely flat.

In the currency markets, the rupee slipped 14 paise to 73.21 against the US dollar as rising crude oil prices weighed on investor sentiment.

In the primary market, the Shyam Metalics IPO and Sona Comstar IPO have opened for subscription on Monday.

On the earnings front, Coal India, IDFC, Indian Overseas Bank and Aditya Consumer will declare their Q4 numbers during the day.

On the stock-specific front, Reliance Industries has gained 1.8 per cent to Rs 2,253.90 to top the gainers list on the BSE. Bajaj Finance and Dr Reddy's have gained 1-2 per cent each on the BSE.

On the other hand, Adani Ports has plunged 12 per cent to Rs 732.40 to top the loser's list on the BSE after the National Securities Depository froze the accounts of three foreign portfolio investors that are among the top stakeholders in the firms.

Among other Adani Group shares, Adani Enterprises fell as much as 25 per cent to hit an intraday low of Rs 1,201, Adani Power declined 5 per cent to Rs 141, Adani Total Gas tumbled 5 per cent to Rs 1,545, Adani Transmission declined 5 per cent to Rs 1,517 and Adani Green fell 5 per cent to Rs 1,165.

Select banking and auto stocks are also trading weak. In the banking space, Kotak Mahindra Bank, SBI and ICICI Bankb have weakened 1-2 per cent each on the BSE. And in the auto space, Hero Motocorp, Maruti Suzuki and Bajaj Auto have lost around a per cent each.