Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Domestic benchmarks nosedived on Friday and posted their worst single-day performance since March 30, 2020. The S&P BSE Sensex plunged with a loss of 1,939.32 points or 3.80 per cent at 49,099.99, mirroring losses in other global markets after a rout in global bond markets spooked investors. Similarly, the broader NSE Nifty plunged 568.20 points or 3.76 per cent to close the session at 14,529.15.
All 30 Sensex constituents ended in the red.
ONGC was the top loser, shedding around 6.50 per cent, followed by M&M, Bajaj Finserv, Axis Bank, Kotak Bank, PowerGrid, HDFC Bajaj Finance and ICICI Bank.
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Sectorally, banking index suffered maximum loss with over 4.8 per cent drop. Financial and telecom indices too fell sharply by 4.9 per cent and 3.85 per cent, respectively.
In the broader markets, the S&P BSE SmallCap and MidCap ended on comparatively better note. The SmallCap ended 0.7 per cent down and MidCap closed 1.75 per cent lower.
Elsewhere in Asia, bourses closed with heavy losses.
Stock exchanges in Europe were also trading with losses in mid-session deals.
Analysts said that rising bond yields seem to have eroded investor interest in riskier equities, adding the bond market cues often reflect in equity markets.
Meanwhile, the global oil benchmark Brent crude was trading 1.16 per cent lower at USD 65.34 per barrel.
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