Stock Market recovers; Nifty above 17,100, Sensex at 57, 300 - Axis Bank top gainer

The Indian markets recovered as Nifty scaled 17,100 to trade at 17,135 and the Sensex too got stronger by over 800 points after tanking by over 1,000 points minutes into opening . The 30-share Sensex was trading with marginal gains of 0.25% to 57,347.44.

Earlier, the Indian market started on negative note for the sixth session in a row after it witnessed biggest correction since April 2021 on Monday. The Nifty slid below 17,000-mark to 16,896.30 after opening at 17,001.55. Similarly, Sensex tanked over 1000 points after opening at 57,158.63. The 30-share index touched day's low of 56,409.63 ahead of the FOMC meeting. 

Asian Paints, Wipro, HDFC Bank, Reliance, Kotak Bank, Nestle Indian, HDFC Limited and Tech Mahindra were among top losers on Monday.  

Axis Bank gained the most on back of good q3 numbers. Bharti Steel, JSW Steel, Hindalco, Tata Steel, Powergrid, IndusInd Bank, State Bank and ICICI Bank were among top gainers in a negative market 

In the pre-open, the Sensex slipped again by 332.88 points or 0.58% to trade at 57,158.63 as the 30-share Sensex saw 9 stocks advancing and 31 declining.  

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"Nifty has corrected sharply on the back of short formations in the index. FII's have been selling in cash segment as well as in the index futures segment since last few sessions, which has resulted in selling pressure. The index has tested the 17,000-mark while India VIX has risen sharply to over 23. This indicates that markets are likely to be volatile in the near term and hence, traders should trade cautiously and avoid aggressive positions," said Ruchit Jain, Lead Research, 5paisa.com. 

Earlier, SGX Nifty Futures were trading lower by 89.50 points or 0.52% to 16,967.50, hinting at yet another weak opening for the domestic equity markets. 

On Tuesday morning, Japanese Nikkei 225 declined by 1.77%, Hang Seng Index slipped by 1.41%, Shanghai Composite was trading 0.54% lower and the SGX Nifty Futures were too trading in the red as the index was down 58 points or by 0.34% to 16,999 on Monday. 

Earlier on Monday, Dow Jones slid 1.3%, Nasdaq Composite declined 2.72%, S&P500 ended lower by 1.89% and Russell 200 dropped 1.78% end in the red in view of the FOMC meeting and the prospect of Russian attack on Ukraine.