Sensex closes 389 points higher; rebounds 1,414 points from day's low

The Indian equities markets benchmark Sensex closed 389 points higher in volatile trading on Monday, led by strong buying support in Tata Steel and Reliance Industries amid the ongoing Russia-Ukraine conflict.

The 30 stock S&P BSE Sensex closed 388.76 points or 0.70 per cent higher at 56,247.28 points against its previous session's close at 55,858.52 points.

Earlier the Sensex opened deep in the red at 55,329.46 points and slumped to a low of 54,833.50 points in the morning trade. The index witnessed smart recovery in the afternoon session surging to a high of 56,324.54 points in the intra-day, a surge of 1,491.04 points from the intra-day low. The Sensex closed 1414 points higher from its intra-day low.

The broader Nifty 50 of the National Stock Exchange closed 135.50 points or 0.81 per cent higher at 16,793.90 points against its previous session's close at 16,658.40 points.

The Nifty 50 opened deep in the red at 16,481.60 points and slumped to a low of 16,356.30 points. The Nifty rose to a high of 16,815.90 points in the intra-day trade.

Tata Steel surged 6.61 per cent to Rs 1220.90. The scrip had also surged 6.54 per cent on Friday.

Power Grid Corporation soared 6.03 per cent to Rs 209.20. The index heavyweight Reliance Industries soared 3.29 per cent to Rs 2359.10.

Titan 3.11 per cent higher at Rs 2544.65; NTPC 2.46 per cent higher at Rs 133.50; L&T 2.21 per cent higher at Rs 1816.90; Asian Paints 1.69 per cent higher at Rs 3172.65 and ICICI Bank 1.64 per cent higher at Rs 742.45 were among the major Sensex gainers.

Dr Reddy's Laboratories slumped 2.81 per cent to Rs 4062.95. Mahindra & Mahindra 2.07 per cent down at Rs 790.95; Axis Bank 2.05 per cent down at Rs 742.60; HDFC Bank 1.99 per cent down at Rs 1426.70; HDFC 1.56 per cent down at Rs 2365 and Kotak Bank 0.84 per cent down at Rs 1842.65 were among the major Sensex losers.

( With inputs from ANI )