Sensex Rallies 834 Points From Day's Low; Nifty Snaps 3-Day Losing Streak

Sixteen of 19 sector gauges compiled by the BSE ended higher led by the S&P BSE Power index's 2.5 per cent gain.

The Indian equity benchmarks staged a smart recovery from intraday low levels on Monday led by strong buying interest in index heavyweight Reliance Industries, Hindustan Unilever, State Bank of India, HDFC and Bajaj Finance. The benchmarks made a gap down opening wherein the Sensex fell as much as 604 points and Nifty touched an intraday low of 15,505 mirroring losses in global markets as US markets came under a selloff after comments by Federal Reserve on interest rates. Federal Reserve official James Bullard had said the US central bank might raise interest rates sooner than previously expected. The Sensex ended 230 points or 0.44 per cent higher to close at 52,574 and Nifty 50 index advanced 63 points to close at 15,476. St. Louis Fed President James Bullard said last week he was among the seven officials who expect rate hikes beginning next year, spooking investors already worried about the U.S. central bank's projection, during its policy meeting, of rate increases by end-2023. Buying was visible across sectors as sixteen of 19 sector gauges compiled by the BSE ended higher led by the S&P BSE Power index's 2.5 per cent gain. Realty, Oil & Gas, Utilities, Energy and Finance indices also rose between 0.8-2 per cent.