Indian stocks recover from Monday`s bloodbath; Sensex rises nearly 500 pts

After a sharp sell-off in Indian stocks the previous session, they managed to recover some of the losses this morning due to broad-based resilience in the financial market fundamentals in India. At 9.46 a.m. Sensex traded at 58,460.11 points, up 487.49 points or 0.84 per cent, whereas Nifty traded at 17,467.85 points, up 154.95 or 0.89 per cent. Among Nifty 50 companies, 47 were in the green and the rest 3 in the red, National Stock Exchange data showed. "Compared to the sell-off in the US markets last Friday, yesterday's correction in the Indian market was relatively mild. This is a reflection of the resilience of the Indian market. However, it is important to appreciate the fact that valuations in India are high," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The Indian stock market's key indices, Sensex and Nifty, crashed over 2 per cent at a particular moment on Monday dragged by heavy selling in IT stocks after the US Federal Reserve signalled aggressive rate hikes.