| Mumbai (Economy India): Indian equity markets rebounded sharply on Monday, recovering more than one per cent after a heavy selloff on Budget day, as investors returned to value buying in blue-chip stocks, particularly in the oil & gas, banking, and automobile sectors.
The 30-share BSE Sensex jumped 943.52 points, or 1.17%, to close at 81,666.46. During intra-day trade, the benchmark surged as much as 1,009.31 points to touch a high of 81,732.25.
Similarly, the NSE Nifty 50 gained 262.95 points, or 1.06%, to settle at 25,088.40, after hitting an intraday high of 25,108.10, up 1.13%.
Market participants attributed the rebound to bargain hunting after Friday’s sharp decline following the Union Budget presentation. Heavyweight stocks in banking, energy, and auto segments led the recovery, supported by selective buying from institutional investors.
Analysts said that while near-term volatility may persist, strong fundamentals and expectations of sustained economic growth continue to support market sentiment.
— Economy India
