Equity indices reverse losses to close higher; Nifty reclaims 11,000

Recovering from the day's losses the key Indian equity indices settled in the green on Monday, with the S&P BSE Sensex closing 299 points higher, and the Nifty50 reclaiming the 11,000-mark.

Buying picked up around the last hour of trade on the back of the Central government's decision to intervene in the IL&FS issue. The government on Monday moved to the National Company Law Tribunal to change the management of the beleaguered financial services company IL&FS.

Further, encouraging data from the manufacturing sector also helped the market rise, analysts said.

The Nikkei India Manufacturing Purchasing Managers' Index released on Monday was recorded at 52.2 in September from 51.7 in August.

At 3.30 p.m, the wider Nifty50 on the National Stock Exchange provisionally closed at 11,008.30 points, higher 77.85 points or 0.71 per cent from its previous close.

The S&P BSE Sensex, which opened at 36,274.25 points, closed at 36,526.14 points, up 299 points, or 0.83 per cent from its previous close of 36,227.14 points.

It touched an intra-day high of 36,616.64 points and a low of 35,960.65 points.

--IANS

rrb/nir