Sensex recovers over 650 points from day's low, Nifty reclaims 24,900

The Indian equity benchmarks recovered from intraday low levels in noon deals on the back of buying interest in FMCG heavyweights like ITC and Hindustan Unilever amid stable cues from European markets. The Sensex rose as much as 553 points from day's lowest level and Nifty 50 index touched an intraday high of 24,916 after hitting low of 24,753.

As of 1:36 pm, the Sensex was up 330 points at 81,513 and Nifty 50 index advanced 65 points to 24,917.

European shares began the week on a positive note after the benchmark index saw its worst day in over a year on Friday, while investors await a slew of economic data and expect the European Central Bank to cut interest rates later in the week.

The pan-European STOXX 600 index was up 0.5 per cent by 12:41 pm on Monday, after it logged its worst weekly performance since October 2023.

Back home, nine of 13 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Oil & Gas index's 1.62 per cent fail. Nifty PSU Bank, Metal, Media, IT and Auto indices also fell between 0.4-1 per cent.

On the other hand, Nifty Bank, Financial Services, FMCG, and Private Bank indices were trading higher.

Mid- and small-cap shares were underperforming their larger peers as Nifty Midcap 100 index fell 0.58 per cent and Nifty Smallcap 100 index dropped 1.4 per cent.

Hindustan Unilever was top Nifty gainer, the stock rose 3.2 per cent to Rs 2,930. Shriram Finance, ITC, ICICI Bank , Britannia Industries, Tata Consumer Products, IndusInd Bank, Cipla and Kotak Mahindra Bank also rose between 1-2.15 per cent.

On the flipside, ONGC , Tech Mahindra , Hindalco, Tata Motors, Coal India, NTPC, Tata Steel, Bharat Petroleum, Power Grid and Apollo Hospitals were among the losers.

The overall market breadth was negative as 2,482 shares were declining while 1,473 were advancing on the BSE.