Sensex Recovers 850 Points From Day’s Low, Snaps Two Day Losing Streak

The Indian equity benchmarks staged a strong recovery from intraday low levels and snapped their two-day losing streak as late buying in Reliance Industries, HDFC Bank, Bajaj Finance, Hindustan Unilever and Infosys helped negate selling pressure in State Bank of India, Mahindra & Mahindra, NTPC and ONGC. The Sensex recovered over 850 points and Nifty 50 index reclaimed its important psychological level of 15,650 after hitting an intraday low of 15,450.90 earlier in the session.

The Sensex advanced 21 points to close at 52,344 and Nifty 50 index declined 8 points to settle at 15,683.

Seven of 11 sector gauges compiled by the National Stock Exchange ended lower. Nifty Bank staged a strong recovery from intraday lows as the index recovered 878 points from the day’s lowest level. FMCG, Financial Services, and Private Bank indices also closed with a positive bias.

On, the other hand, auto, IT, media, pharma and metal stocks faced selling pressure.

Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index fell 1 per cent and Nifty Smallcap 100 index slipped 0.8 per cent.