Sensex surges over 1,300 points from day's low led by HDFC Bank, ICICI Bank

Mid-market update: The Indian equity benchmarks staged a strong rebound from intraday low levels in afternoon deals led by gains in HDFC Bank, ICICI Bank, Bharti Airtel, ITC, Bajaj Finance, Mahindra & Mahindra and Reliance Industries. The Sensex surged as much as 1,346 points from day's lowest level and Nifty 50 index touched an intraday high of 22,178.50 after hitting an intraday low of 21,777.65.

As of 2:18 pm, the Sensex was up 613 points at 73,102 and Nifty 50 index advanced 148 points to 22,144.

While Bajaj Finance, Bharti Airtel, M&M, HDFC Bank, Grasim and Tech Mahindra are the top gainers, HCL Tech, Bajaj Auto, Hero Motocorp, LTIM, Tata Motors, and DivisLab are the top laggards during mid-day trade.

The broad market indices are showing high volatlity during mid-day trade. Heavyweights Nifty Bank and Nifty FMCG surged 1.24 per cent and 0.76 per cent respectively during intraday trade. Nifty IT, however, rose marginally after the lackadaisical Q4 performance of Infosys.

Nifty Realty, along with pharma-health indices displayed dragged the indices along with Nifty Oil & Gas which fell 1.61 per cent intraday amid the escalating tensions in the Middle East