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Indian equity benchmarks staged a strong rebound on Monday after the sharp sell-off seen in the special Budget session on Sunday. Markets recovered despite weak global cues, as buying emerged at key technical support levels.

At 2:04 pm, the BSE Sensex was trading at 81,222.17, up 499.23 points, or 0.62 per cent. The index opened lower at 80,555.68, hit an intraday high of 81,347.59, and a low of 80,387.25. The previous close stood at 80,722.94.

The Nifty 50 rose 123.80 points, or 0.50 per cent, to 24,949.25, after opening at 24,796.50. The index had closed at 24,825.45 in the previous session.

Explaining the rebound, Zee Business Managing Editor Anil Singhvi said markets had turned oversold after the sharp reaction to the Union Budget. He pointed out that the Nifty put-call ratio fell to 0.58, signalling extreme bearish positioning and setting the stage for a technical recovery.

He added that the bounce was notable because it came despite continued weakness in gold, silver, metals, and global markets. According to Singhvi, this indicates that foreign institutional investors may not be as negative on the Budget as initially believed.