Indices end strong after bleak opening session; Tata Steel rises over 6%

The National Stock Exchange (NSE) Nifty climbed 135.50 points or 0.81 points to settle at 16,793.90

Benchmark Bombay Stock Exchange (BSE) Sensex recovered after a weak opening, as the 30-share barometer plunged more than 1,025 points to the day's low of 54,833.50, before staging a recovery to close 388.76 pts or 0.70 per cent higher at 56,247.28, marking its second session of gains.

On similar lines, the broader National Stock Exchange (NSE) Nifty climbed 135.50 points or 0.81 points to settle at 16,793.90. The Indian indices mirrored a rebound in Asian equities, even as the Ukraine crisis continued to roil western markets.

Tata Steel emerged as the lead gainer among Sensex scrips, jumping by 6.61 per cent, followed by Power Grid, Reliance Industries, Titan, NTPC, L&T, Asian Paints and ICICI Bank.

On the other hand, Dr Reddy's, M&M, Axis Bank, HDFC twins and Kotak Bank were among the major laggards, shedding up to 2.81 per cent.

"Despite opening on a negative tone, domestic indices staged a strong recovery lifted by metal stocks and positive Asian markets. Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share.

Domestic investors are keenly awaiting the release of the Q3 GDP data later today...," said Vinod Nair, Head of Research at Geojit Financial Services.

Sector-wise, BSE metal index soared 5.47 per cent, followed by energy, basic materials, oil and gas and power. However, bankex, capital goods and finance closed lower.