Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635
In comparison, the Nifty, Nifty MidCap 100 and BSE 500 gave returns of 14.7%, 15.4% and 14.6%
The performance of banking stocks is likely to weigh on the markets
According to data from Bloomberg, banks have seen among the sharpest cuts in target prices -- between 16 and 60 per cent.
With further extension of the nationwide lockdown, the RBI is considering a proposal for extending the moratorium on bank loans by another three months
Some believe that the best monthly performance in 11 years was on a weak footing, as it was sans any fundamental base
The benchmark indices ended marginally lower last week after sharp gains in the preceding two weeks
The 30-share BSE Sensex settled 535.86 points or 1.68 per cent down at 31,327.22
In the earnings department, a total of seven companies including Britannia, Bharti Infratel, and Hathway Cable are scheduled to announce their March quarter results today
The latest rebound in the market has come on the back of a sharp 40 per cent correction in the preceding one-month period with valuations for most stocks plunging to multi-year lows
Sensex falls 1,011 points, Nifty closes below 9k
Today, IT giant Infosys is scheduled to come out with its Q4 numbers and analysts are penciling in a 1 per cent QoQ hit in its revenue growth in constant currency terms for the quarter
'Volatility is here to stay in the near term, for Indian as well as global markets, as a lot is still unknown about the future trajectory of the coronavirus pandemic and lockdowns across the globe'
Most global markets surged as investor appetite for risk assets improved due to the progress of an experimental drug for treating covid-19 and on US's plan to reopen its economy.
Margins in some sectors could improve due to soft raw material prices.
The Sensex advanced 0.7 per cent to 30,602.61 at the 3:30 pm close in Mumbai, after swinging between a loss of as much as 1.2% and a gain of as much as 1.4%
Tech giant Tata Consultancy Services is scheduled to release its March quarter numbers and analysts see some erosion in the company's revenue due to the nationwide lockdown
Wipro is slated to announce its Q4 numbers later in the day and most brokerages expect the company's revenue growth to come in at the lower end of the guided range of 0-2 per cent
Last week, the indices had rallied 13 per cent and were on the cusp of a bull market - a term used for a 20% rise from recent lows
HDFC will be in focus in today's session after the People's Bank of China increased its stake in the lending major to 1.01 per cent