A barometer index of the Indian equity markets recovered after an initial fall of more than 600 points, after the central government assured investors that the reforms process will continue.
The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) closed the day's trade 144 points or 0.55 percent down on Monday.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) also receded in the day's trade. It was lower by 39.10 points or 0.49 percent at 7,915.20 points.
Investor sentiments were subdued, a day after the BJP-led coalition suffered a rout in the Bihar assembly polls. The BJP is considered to be more business and reform friendly.
The Bihar election outcome was widely seen as a popularity test for the central government.
Both the indices of the Indian equities markets, which opened in the negative territory, plunged by more than two percent each in the initial trade session.
Notwithstanding the slide, positive comments from the Finance Minister Arun Jaitley over the continuation of the reforms process restored investors' confidence.
The finance minister spoke to the media in New Delhi and said that the reforms process such as the passage of the goods and services tax (GST) will not be hindered by the Bihar poll defeat.
Furthermore, bargain hunting and recent reforms measures announced for the power and banking sector too restored investors' interest.
The S&P BSE Sensex, which opened at 25,809 points, closed at 26,121.40 points, down 143.84 points or 0.55 percent from the previous day's close at 26,265.24 points.
The Sensex touched a high of 26,193.17 points and a low of 25,656.90 points during the intra-day trade.
Meanwhile, starting on Monday, the National Stock Exchange (NSE) announced that its indices CNX Nifty will be known as Nifty 50, Nifty Junior will be known as Nifty Next 50 and CNX IT will be known as Nifty IT.
NSE rebranded all its indices with the prefix 'Nifty' on the auspicious day of Dhanteras on Monday.
"Today onwards, the entire family of indices from NSE's group company - India Index Services & Products Limited (IISL), will be rebranded, with a prefix NIFTY and some changes in names to make it more significant and meaningful," the NSE said in a statement.
"While this is an important indication of the attractiveness of the Indian market, it is also a significant indication of the trust, faith and respect for the NIFTY brand name.
It is only natural that the name NIFTY should be the natural choice and become the umbrella brand," NSE's MD and CEO Chitra Ramkrishna said in a statement.
The benchmark CNX Nifty which has now become Nifty 50 first started operating on November 3, 1995. Nifty 50 derivatives are also traded on Singapore Exchange, Chicago Mercantile Exchange and Osaka Exchange.
