Markets rebound sharply: Sensex recovers 1,100 points from day’s low, Nifty closes near 23,650

The Indian stock market staged a sharp recovery on Monday, with the Sensex and Nifty rebounding up to 1.5% from intraday lows despite concerns over the rupee hitting fresh record lows and crude oil surging above $110 per barrel.The market had crashed sharply earlier during the day, with Sensex tumbling more than 1,000 points and Nifty 50 slipping below 23,350. The crash wiped off around Rs 7 lakh crore from the total market capitalisation of all companies listed on BSE.However, Dalal Street saw bulls making a strong comeback in the afternoon trading hours, with the benchmark indices erasing all losses to move into the green. Sensex rose 1,100 points from its day’s low to close at 75,315 and Nifty 50 gained 333 points from the day’s low to end the session at 23,650. At close, Sensex was up 77 points and Nifty was up 6 points from Friday’s closing levels.Top gainers and losers todayTech Mahindra shares were the top gainers on Sensex, jumping around 5%, followed by peer Infosys, which rose around 2.5%. Other top gainers on Sensex included Bharti Airtel, Bajaj Finserv, Bajaj Finance, Sun Pharma, HCL Tech and TCS. Bucking the trend, Tata Steel, Power Grid, SBI, NTPC, Maruti Suzuki and Trent shares declined up to 3% to lead losses on the benchmark index.The sharp recovery came despite India VIX, which measures volatility in markets, remaining more than 4% higher at 19.63. Broader markets underperformed benchmarks, with the Nifty Smallcap 100 index closing over 1% lower. Nifty Midcap 100 index erased most of its morning losses but closed 0.15% lower in the red.Sectorally, the Nifty IT index emerged as the top gainer, jumping over 2%. On the other hand, Nifty PSU Bank, Nifty Consumer Durables and a few other sectoral indices declined around 2% each. Around 2,382 stocks declined on NSE, while 941 advanced and 92 remained unchanged.FII net buy Indian equities for second dayForeign investors remained net buyers of Indian equities for the second consecutive session, purchasing Indian shares worth Rs 1,329 crore on Friday, according to provisional data on NSE. FIIs have net bought shares worth Rs 2,430 crore over the two days. However, this is negligible when compared to the massive selloff seen earlier. FII remained net sellers of Indian equities in 7 out of 10 sessions in May so far.More to come...