Benchmark indices recover after a weak opening

The benchmark indices recovered on Tuesday afternoon, after a weak opening. The benchmarks, which declined in the opening session, recovered sharply in afternoon deals.

At 2:30 pm the BSE Sensex was up 150 points or 0.31 per cent at 48,327. Earlier in the day, the index opened at 48,037.63, and hit a low of 47,903.38. However, it recovered sharply to 48,283.13.

The Nifty currently hovers around 14,169, up 37 points or 0.26 per cent. Earlier it hit a low of 14,048.15, but recovered to a high of 14,151.85.

A weak closing in the US markets overnight due to uncertainty regarding the upcoming run-off elections in Georgia and the increasing number of Covid-19 cases impacted the market sentiment earlier.

Axis Bank, HDFC, TCS and IndusInd Bank were the leading gainers on the Sensex, while Bajaj Finance, ONGC, NTPC and M&T declined over 1.3 per cent.

The BSE MidCap and SMallCap indices, too, recovered sharply and fared even better than the benchmark indices, recording gains of 0.7 per cent and 0.55 per cent respectively.

Among the BSE sectoral indices, Information Technology and Teck were the biggest gainers, while Metals, Auto and Energy declined sharply.