Mumbai, March 16 The stock market benchmark indices, Sensex and Nifty, rebounded by over 1 per cent on Monday after experiencing a significant decline in the previous three trading days, driven by value buying in blue-chip banking stocks.
The 30-share BSE Sensex rose by 938.93 points or 1.26 per cent, closing at 75,502.85. During the day, it reached a high of 75,805.27 and a low of 73,949.76.
The 50-share NSE Nifty climbed by 257.70 points or 1.11 per cent, ending at 23,408.80.
Among the 30 Sensex companies, UltraTech Cement saw a surge of 4.22 per cent. Trent, HDFC Bank, Mahindra & Mahindra, Eternal, Bajaj Finance, ITC, Tata Steel, and State Bank of India were among the biggest gainers.
Bharat Electronics, Sun Pharma, Power Grid, and Bharti Airtel were among the major laggards.
"The equity market staged a late-session rebound, supported by value buying in domestically-oriented sectors such as automobiles, banking, and FMCG, providing a relief rally after the recent sell-off."
"In the near term, investor sentiment will depend on developments in the Strait of Hormuz, where any easing of supply chain disruptions could provide further support," said Vinod Nair, Head of Research, Geojit Investments Limited.
In Asian markets, Japan's Nikkei 225 index and Shanghai's SSE Composite index closed lower, while South Korea's benchmark Kospi and Hong Kong's Hang Seng index closed higher. Markets in Europe were trading mostly lower.
The US market closed lower on Friday.
Brent crude, the global oil benchmark, rose by 1.41 per cent to USD 104.4 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 10,716.64 crore on Friday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 9,977.42 crore.
On Friday, the Sensex closed at 74,563.92, down 1,470.50 points or 1.93 per cent. The Nifty fell by 488.05 points or 2.06 per cent, closing at 23,151.10.