Indian equity market ended positive on Monday after a day of volatile trade. The BSE Sensex closed 97 points higher at 34,474 after trading in a range of 663 points. The NSE Nifty50 also recovered 150 points from lows to end the session 32 points in the green at 10,348. Benchmark indexes recovered largely from a strong performance by index heavyweight Reliance Industries, which alone contributed 54 points to the NSE frontline index’s rebound.

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Shares of Kotak Mahindra Bank, Yes Bank and the State Bank of India supported, gains, however, were capped as metal stocks of Vedanta and Hindalco, along with HDFC twins declined.

Kotak Mahindra Bank closed 5 percent higher on reports of the private sector lender’s chairman Uday Kotak seeking an extension of deadline by the Reserve Bank of India on promoter stake cut.

As per the RBI’s directive, Uday Kotak is to cut his current 29.7 holding in the bank to 20 percent by December 2018. Yes Bank shares moved 7.4 percent higher on reports of promoters looking for an out-of-court settlement.

In the broader markets, midcaps were the biggest under-performers with the Nifty Midcap Index slipping 244 points to end the session at 20-month low of 16,055.

Voltas and DHFL were major contributors to the Midcap index's fall, while shares of Federal bank and RBL Bank lent support. The banking Index, Nifty Bank saw a close of 175 points higher at 24,618.

Oil marketing companies began the week on a brighter note with the Indian Oil Corp. and Hindustan Petroleum Corp. Ltd posting gains of 6-9 percent, while Bharat Petroleum Corp. ltd ended flat. Shares surged as Brent Crude falling slipped to a level of $83 per barrel.

On the mutual fund front, September month saw inflows into Equity Mutual Funds moving 89 percent higher to Rs 11,251 core, while inflows into balanced funds slipped 72 percent to Rs 731 crore.

In the futures market, Nifty Put option of 10,000 added a little more than 15 lakh shares in the open interest with premium slipping 19 percent. Nifty 10,400 Call option added 5.7 lakh shares in the open interest with premium slipping 3 percent. Nifty October futures closed with a premium of 33 points against a premium of 31 points on Friday.

In Asian markets, the Shanghai Composite Index posted its worst daily performance in months on Monday after China’s central bank cut the reserve requirement for banks over the weekend.

The Shanghai composite fell 3.7 percent to close at around 2,716.51 — which marked its largest decline since June 19. The Shenzhen composite dropped by 3.8 percent to end at about 1,386.28 on the first trading day since the Golden Week holidays ended. Hong Kong's Hang Seng index traded lower by 1.4 percent.

South Korea's Kospi fell by 0.6 percent to close at 2,253.83, while shares of industry heavyweight Samsung Electronics held on to gains of 0.56 percent.

Australia's markets also ended the day lower with the ASX 200 shedding 1.38 percent at 6,100.3, with major sectors lower. Other Asian markets were also in negative territory.

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Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Oct 8, 2018 4:21 PM IST