The benchmark equity indices Sensex and Nifty staged a sharp recovery on Monday, rebounding from early losses as investors bought beaten-down stocks after four consecutive sessions of declines.
At around 10 am, the BSE Sensex was trading at 73,327.52, up 203.69 points or 0.28 percent. The NSE Nifty rose 53.25 points or 0.24 percent to 22,653.25.
In early trade, the Sensex had fallen 609.26 points or 0.83 percent to 72,514.57, while the Nifty declined 212.65 points or 0.94 percent to 22,387.35.
1) Value buying: Investors bought beaten-down stocks at lower levels after four consecutive sessions of losses. The domestic markets ended lower last week, with rising crude oil prices amid tensions in West Asia raising concerns over inflation and corporate earnings. The Nifty declined 2.4 percent during the week, while the Sensex lost 2.2 percent.
2) Easing crude oil prices: Brent crude futures traded around USD 114.5 per barrel, easing from a near six-month high of USD 117 after the Indian market closed on Friday. However, ongoing attacks on Saudi Arabia by Yemen's Houthis kept concerns over oil supplies in focus.