The benchmark equity indices Sensex and Nifty recovered most of their early losses on Monday as buying in PSU bank shares and fresh foreign fund inflows supported sentiments.
The BSE Sensex dropped 470.50 points to 74,318 in early trade. The NSE Nifty was down 147.10 points to 22,999.05.
Later, both the benchmarks bounced back. The BSE benchmark traded 46.49 points lower at 74,682.78. The Nifty quoted 14.55 points lower at 23,131.60.
1) FII buying: Foreign Institutional Investors (FIIs) turned buyers on Friday after days of relentless selling. They bought equities worth Rs 1,165.92 crore.
2) Decline in brent crude: Brent crude, the global oil benchmark, traded 1.90 per cent lower at USD 107.8 per barrel.