Benchmarks Sensex and Nifty staged sharp recovery on May 18 to close in green after falling as much as 1.3% on intraday basis.

On May 18, Sensex closed 77.05 points or 0.1% higher at 75,315.04, and the Nifty ended 6.45 points or 0.03% higher at 23,649.95. About 1,216 shares advanced, 2,891 shares declined, and 182 shares were unchanged.

IT index jumped 2.4% as a stronger dollar raised expectations of better profit growth for companies that earn a large share of revenue in the greenback. The index had dropped 5.7% last week.

Tata Steel fell 5% after the steelmaker posted a smaller-than-expected fourth-quarter profit.

Power Grid  slid 4.1% despite the electric power transmission company reporting a nearly 10% rise in March-quarter profit. Motilal Oswal attributed the profit growth to a 52.8 billion-rupee deferred tax asset and said revenue and operating profit missed its estimates.


Bucking the trend, Gland Pharma jumped 13.4% after the drugmaker reported a 97% rise in its March-quarter net profit.

Nifty Midcap 100 index recovered 1.7% from day's low while Bank Nifty rebounded 1.5% from intraday low.

Sensex rose a whopping 1,000 points from day's low as value buying emerged at lower levels. Sensex and Nifty cumulatively fell 3.5% and 4%, respectively, in the last six sessions.

Among sectoral indices, the Nifty IT index continued to be the highest gainer, up around 2%, with the Nifty Pharma being the only other gainer, up marginally. The Nifty Consumer Durables index was the worst performer, down nearly 3%, with shares of Amber Enterprises the main laggard, down nearly 15%. The stock hit a one-month low during the session and was also the worst performer in the Nifty 500 index.

IT stocks were among the top gainers in the Nifty 200 index as well. Coforge was the top performer, up around 4, while peers LTM, Mphasis, and Persistent also saw gains, trading nearly 2–4% higher. Shares of Cochin Shipyard remained the worst performer in the index, down nearly 6%. Shares of state-owned banks Punjab National Bank and Bank of India were also among the laggards, down around 3% each. Bank of India hiked the rates on select fixed deposits across medium and long-term tenures, with the revised rates effective from Monday.

In the Nifty 500, shares of Gland Pharma remained the top-gainer, trading over 14% higher.

Broader market indices stayed lower, with the Nifty mid-cap indices down 0.5-0.6%, while the small-cap indices faced steeper losses, shedding 1.4-1.8%.