Sensex, Nifty recoup losses to settle almost flat

Benchmark BSE Sensex recovered most of its losses to close marginally down in a volatile session on Tuesday even as private lender IndusInd Bank slumped 27 per cent and global markets declined on US recession worries.

The 30-share BSE Sensex settled down by 12.85 points or 0.02 per cent at 74,102.32 with half of its constituents closing lower. The index opened sharply down and slumped further 451.57 points or 0.61 per cent to hit a low of 73,663.60 in early deals following weak global trends. The barometer later recovered losses to close almost flat.

Analysts said late-buying in select blue-chips such as ICICI Bank, Reliance and Airtel helped recover losses.

The broader Nifty of NSE advanced 37.60 points or 0.17 per cent to close at 22,497.90, rebounding from the day's lows. The index rose by 61.8 points or 0.27 per cent to hit a high of 22,522.10.

Shares of IndusInd Bank plummeted by more than 27 per cent to close at Rs 655.95 apiece on BSE after the private sector lender reported some discrepancies in its derivatives portfolio.

During the day, the stock of Mumbai-based lender tanked 28 per cent to hit a 52-week low of Rs 649 per share. Additionally, the shares emerged as the major laggard on the 30-share BSE barometer.

Infosys, Bajaj Finserv, Mahindra & Mahindra, Zomato, Hindustan Unilever, Power Grid, Axis Bank, UltraTech Cement, Adani Ports, and Tata Consultancy Services were among the laggards in the Sensex pack.

On the other hand, Sun Pharmaceuticals, ICICI Bank, Bharti Airtel, HCL Technologies, Maruti Suzuki India, Larsen & Toubro, Reliance Industries, Kotak Mahindra Bank and Titan were the gainers.