Stock Market: Sensex Erases Early Losses, Surges 350 Points. Nifty Trades Above 17,200

Stock update: SBI was the top performer, up 2.26 per cent. The others were ICIC Bank, Infosys, HDFC Bank, IndusInd, ITC, NTPC, Kotak Bank, Bajaj twins on the Sensex platform

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices dropped up to 0.2 per cent.

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Sensex and Nifty, the two key equity benchmarks that started trade in the red, recouped early losses and rebounded on Monday. The domestic indices fell in early trade amid weak global market trends and continuous foreign fund outflows.

At 10.30 am, the BSE Sensex rose 351 points to 58,271, while the broader NSE Nifty was trading at 17,279, up 94 points.

On the 30-share Sensex platform, SBI was the top performer, up 2.26 per cent. The others were ICIC Bank, Infosys, HDFC Bank, IndusInd, ITC, NTPC, Kotak Bank, Bajaj twins. On the flip side, L&T was the prime loser, down 1.30 per cent. M&M, Wipro, UltraCemco, Airtel, Reliance were the other laggards.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices dropped up to 0.2 per cent, while volatility gauge, India VIX, climbed over 4 per cent.

Among sectors, barring Nifty Bank that started trade in green zone, others nosedived in the sea of red during early trade. Nifty Metal index declined the most, over 1 per cent in trade.

The mood of the 30-share Sensex platform was positive as 20 scrips were advancing while the rest 10 were declining.

In the previous session on Friday, the BSE benchmark had jumped 684 points (1.20 per cent) to settle at 57,919, while the Nifty climbed 171 points (1.01 per cent) to 17,185.

In Asia, markets in Tokyo, Shanghai, and Hong Kong quoted lower, while Seoul traded higher. Wall Street had ended significantly lower on Friday.

Volatility is likely to be the hallmark as Nifty bulls brace for rough sessions in the near term as things do not look pretty good right now at Dalal Street, said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

International oil benchmark Brent crude was trading 0.59 per cent higher at $92.17 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the Indian capital market on Friday as they offloaded shares worth Rs 1,011.23 crore, as per exchange data.