MUMBAI: India’s equity benchmarks advanced on Monday, led by gains in infrastructure stocks and bargain hunting in heavyweight Reliance Industries, as markets partially recovered from damage taken after the federal budget.
The Nifty 50 rose 1.06 percent to 25,088.4, while the BSE Sensex added 1.17 percent to 81,666.46. Intraday, the indexes swung between gains of 1.3 percent and losses of 0.6 percent.
The benchmark indexes fell about 2 percent on Sunday, marking their biggest budget-day percentage drop in six years, settling at the lowest levels seen since November.
“We see limited downside risk (for Nifty) after a 2 percent drop on Sunday,” said analysts led by Seshadri Sen of Emkay Global Financial Services.
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