Stock markets rebound on last-hour buying, Sensex closes up 111pts

Market rebounds as Sensex closes higher by 111.66 points, Nifty rises by 48.85 points; experts warn of volatility.

Benchmark Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services.

Helped by buying at the fag-end, the 30-share BSE Sensex closed higher by 111.66 points or 0.15% at 72,776.13. The index opened lower and plummetted further 798.46 points or 1.09% to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points or 0.22% to 22,104.05. The 50-issue rebounded around 310 points from the day's low of 21,821.05 and hit a high of 22,131.65.

From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

Tata Motors dropped over 8% despite reporting over three-fold jump in consolidated net profit at ₹17,528.59 crore for the fourth quarter ended March 31, 2024.

NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

Vinod Nair, Head of Research, Geojit Financial Services said, "Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing general election and high valuation."