Indian equity markets staged a strong rebound on Monday, clawing back a substantial portion of the losses from the brutal sell-off a day earlier. After an unnerving Budget Day session on Sunday that triggered panic across Dalal Street, investor confidence returned, pushing key indices higher through the day.

The Nifty 50 closed at 25,088, up 1.06 percent, while the broader Nifty Midcap100 ended at 57,667, up 0.96 percent, signalling that the recovery was not restricted to large-cap stocks alone.

Market veteran Ambareesh Baliga summed up the turnaround neatly: “The market probably saw selling by domestic investors yesterday in anticipation of a sell-off by foreigners this morning. When that didn’t happen, there was a recovery through the day.” His comment captured the essence of Monday’s move — a relief rally driven largely by the absence of the feared global follow-through selling.

Sunday had been an unusual and unsettling session. Markets were kept open to react immediately........

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