The benchmark equity indices snapped three sessions of losses on Monday as shares of ICICI Bank Ltd. and HDFC Bank Ltd. led the gains.
The NSE Nifty 50 ended 122.3 points or 0.49% higher at 25,090.7, while the BSE Sensex gained 442.61 points or 0.54% to close at 82,200.34.
Technically, after an early morning intraday selloff, the market took support near 24,900 and bounced back sharply. From the day's lowest point, the market recovered over 200 points, according to Shrikant Chouhan, head of equity research at Kotak Securities.
"A reversal intraday formation and a bullish candle near the 50-day SMA (simple moving average) indicate that a pullback formation is likely to continue in the near future," he said.
Shares of Eternal Ltd., ICICI Bank Ltd., HDFC Bank Ltd., HDFC Life and Mahindra & Mahindra Ltd. were among the top gainers in the Nifty.
Reliance Industries Ltd., Wipro Ltd., IndusInd Bank Ltd., Eicher Motors and HCL Technologies Ltd. were among the biggest laggards.
In terms of points contribution, HDFC Bank, ICICI Bank, Eternal led the gains in the Nifty, while RIL weighed on the index the most.
On the NSE, 10 out of the 15 sectors ended in the green, with the Nifty Finance gaining and Oil & Gas dropping the most.
The broader market indices outperformed the benchmarks, as the BSE MidCap jumped 0.55% and the BSE SmallCap declined 0.01%.
The market breadth was skewed in favour of the sellers as 2,188 stocks declined, 1,959 advanced and 180 remained unchanged on the BSE.
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