Despite the weak global cues, Indian equity benchmarks bounced back on Monday after a three-day fall with the Nifty and Sensex settling above the psychological 17,550 and 59,100 levels respectively, largely helped by buying in banking stocks.

After a cautious start, the Sensex recovered the lost ground and settled 300.44 points or 0.51% higher at 59,141.23. During the day, it climbed 436.76 points or 0.74% to 59,277.55. The NSE Nifty surged 91.40 points or 0.52% to close at 17,622.25.

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The broader indices ended in red with the BSE Midcap index down 0.16% and the Small cap index down by 0.17%. The top gaining sectoral indices on the BSE were FMCG up by 0.98%, Auto up by 0.78%, TECK up by 0.43%, Oil & Gas up by 0.35% and Bankex up by 0.34%, while Metal down by 1.25%, Telecom down by 1.13%, Realty down by 0.99%, Capital Goods down by 0.71%, Utilities down by 0.58% were the top losing indices on BSE.

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Top gainers from the Sensex pack were Mahindra & Mahindra up by 3.05%, Bajaj Finance up 2.79%, Hindustan Unilever up 1.92%, Nestle up 1.92%, SBI up 1.92%, Bajaj Finserv up 1.79%, HDFC up 1.49%, ITC up 1.30% and Axis Bank up 1.20%.

Among the losers were Tata Steel down by 2.50%, ICICI Bank down 1.16%, Power Grid Corp down 1.12%, NTPC down 1.04%, Asian Paints down 0.67% and Larsen & Toubro down 0.40%.

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The rupee lost its initial gains and settled 2 paise lower at 79.80 against the US dollar, weighed down by the strength of the greenback in the overseas market.

Asian markets ended mostly lower with the KOSPI Composite down 1.14%, the Shanghai Composite down 0.35% and the Hang Seng down 1.04%.

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European stock markets were also trading in the negative territory during mid-session deals. The US stock markets had ended lower on Friday.

Brent crude, the international oil benchmark declined 1.37% to $90.10 per barrel.

According to stock exchange data, foreign institutional investors (FIIs) offloaded shares worth a net Rs 3,260.05 crore on Friday.