Pharma and IT shares corrected while banks and metal stocks were in demand.
After falling close to 3% in the last four trading sessions, benchmark Indian equity indices opened with gains of 0.94% on Thursday.
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26 of 30 stocks on the Sensex ended in the red.
Sensex jumped 300 points to 50,675 and the broader market index Nifty50 opened at 15,006 up 77 points.
On an intraday basis, Sensex plunged 993 points to 49,799, while the Nifty50 index touched 14,745 on the lower side.
Domestic institutional investors (DIIs) were also net sellers to the tune of Rs 163.87 crore in the domestic equity market on March 12.
Sensex fell 130 points to open at 50,661; while the broader market index Nifty50 opened at 14,992 losing 38 points.
Stock market rallies always face some hurdles and one must not fear a correction, said Mayuresh Joshi, Head, Equity research, William O'Neil
Utilities stocks were trading in green, with the S&P BSE Utilities index increasing 29.98 points or 1.4% at 2171.15 at 09:48 IST.