Nifty, Sensex bounce back after correcting 1 per cent; metal stocks gain

9.50 am: Nifty, Sensex bounce back after correcting 1 per cent . Reliance Industries, Hindalco, Tata Steel, Dr Reddy and HCL Tech were the top gainers  

9.30 am: Headline indices Nifty and Sensex extended their downward journey as both indices declined soon after opening flat on Friday. The Sensex shed 609.38 points or 1.07% to 56,497.77, while Nifty tanked 177.65 1.04% to 16,848.80 

Earlier in the market open...

After incurring heavy losses on Friday amid selloff in view of new Covid variant, the Indian markets started Monday's session on flat note.

Benchmarks Nifty50 and S&P BSE Sensex opened at 17,055.80 and 57,028.04, respectively.

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IndusInd Bank, Bharti Airtel, HCL Technologies, Reliance and Dr Reddy were top gainers on the Nifty50, while Adani Ports, Tata Motors, Hero MotorCorp, Mahindra and Mahindra, Ultratech cement, SBI and ONGC dragged the index.

Bank Nifty remained under pressure as the banking index opened more than 1 per cent lower at 36,224.45.

In the preopen, Sensex and Nifty were seen extending their losses even as SGX Nifty Futures was 100 points up to 17,144 around 9.05 am on Monday.

After tanking in the closing trade on Friday, Asian markets opened in red on Monday. Japanese Nikkei 225 index was down nearly 1 per cent or 254 points at 28,497, while Hang Sen Index at Hong Kiong Exchange was also down 0.13% to 24,052, while Shanghai Composite corrected over 0.50% to 3,545 around 7.20 am on Monday.

On Friday, the Wall Street indices Dow Jones tanked 905 points to end at 24,899, Nasdaq Composite declined 354 points to 15,492 and S&P 500 corrected 2.27% to 4594 in the early hour trading on Monday.

Earlier on Friday, in one of the worst closings so far this year, benchmark indices Sensex and Nifty both corrected nearly 3 per cent each on Friday. Sensex crashed 1650 points and Nifty closed below 17,050 level on Friday. The drag was led by Realty, metal, Auto, PSU Bank themed indices as they slipped between 3-6 per cent in a single day on Friday. The massive correction in the Indian markets came amid weaker global cues in the view of new covid variant detected in South Africa.