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Indian equity markets managed to recover a third of their worst fall in seven months that took place on Monday.
The S&P BSE Sensex ended 1% higher and above the mark of 46,000 at 46,006. The index recovered 900 points from the lowest point of the day, which stood at 45,112.
The NSE Nifty 50 index also gained 1% to end at 13,466. The index recovered nearly 300 points from the day's low of 13,192.
Both benchmark indices had a very volatile trading day where they oscillated in a broad trading range.
Among the sectoral indices, the I.T. and Pharma stocks outperformed in today's session. The Nifty I.T. index ended 3.4% higher, surging to a record high in the process. Three out of the top five Nifty gainers were I.T. stocks.
Drugmakers were the other major outperformers in today's session with the Nifty Pharma index ending with gains of 2.2%.
The Nifty Metal index gained 1.4% while Nifty Auto and the PSU Bank index ended with gains of close to 1% after recovering from their respective day's low.
Broader markets moved largely in-line with the benchmarks. The Midcap index ended 0.85% higher while the Smallcap index ended with gains of 0.8%.
India Volatility Index fell 5.2% in today's session to close at 22.
1,068 stocks on the NSE ended with gains while 818 reported losses.
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Indian equity markets have had a mixed start to today's trading session after having witnessed their biggest single-day drop in seven months.
The S&P BSE Sensex opened 24 points lower at 45,529 while the NSE Nifty 50 index opened 0.3% higher at 13,373.
Most sectoral indices have had a subdued start to the trading day. The Nifty Bank index is up 0.5% while Nifty I.T. and Nifty Pharma are up 0.3% and 0.4% respectively. Other indices are flat.
Broader markets have opened lower in today's session as well. The Nifty Midcap index is down 0.3% while the Smallcap index fell 0.6% at the start of trade.
680 stocks on the NSE trade with gains while 860 decline.
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Indian equity markets may rebound after posting their biggest single-day drop since May on Monday. Investor wealth worth more than Rs 6.5 lakh crore was eroded on Monday as the benchmarks ended nearly 3% down amid a new Covid-19 strain in the U.K.
The fall even offset all the gains made by the benchmarks during the last six trading sessions.
But futures are pointing towards a gap-up opening for India's markets on Tuesday. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 1.1% to 13,403 as of 8:00 a.m.
Sentiment across the Asia Pacific is subdued as most Asian equities are trading lower. Japanese markets are underperforming their peers.
Futures on the Dow Jones are currently trading 40 points lower. The index ended little changed on Monday.
West Texas Intermediate crude fell 0.3% to $47.81 per barrel, while gold rose 0.3% to $1,881.58/Oz.
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