MUMBAI: Equity benchmark indices Sensex and Nifty bounced back on Monday after a three-day slump amid value-buying in blue-chips HDFC Bank and State Bank of India.
In early trade, the 30-share BSE Sensex declined 179.31 points to 74,384.61. The 50-share NSE Nifty went down by 53.1 points to 23,098. However, later both the benchmark indices rebounded.
The BSE benchmark traded 342.02 points higher at 74,899.76, and the Nifty quoted 88.55 points up at 23,240.95.
From the 30-Sensex firms, UltraTech Cement, Tata Steel, InterGlobe Aviation, State Bank of India, HDFC Bank and ITC were among the biggest gainers.
Bharat Electronics, Mahindra & Mahindra, Infosys, Trent and Tata Consultancy Services were among the major laggards.
In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index were trading lower, while Hong Kong's Hang Seng index quoted higher.
The US market ended lower on Friday.
Brent crude, the global oil benchmark, jumped 1 per cent to USD 104.2 per barrel.
"Market direction through the week is expected to remain heavily influenced by geopolitical developments in West Asia and movements in crude oil prices.
"The ongoing tensions involving Iran, Israel and the US have disrupted energy markets and raised concerns over shipping routes through the Strait of Hormuz, keeping crude prices elevated and risk sentiment fragile," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,716.64 crore on Friday, according to exchange data.
Domestic Institutional Investors (DII) however, bought stocks worth Rs 9,977.42 crore.
On Friday, the Sensex settled at 74,563.92 down 1,470.50 points or 1.93 per cent.
The Nifty tanked 488.05 points or 2.06 per cent to end at 23,151.10.