Mumbai, Feb 2 || The Indian equity markets traded higher early on Monday, recovering some of the losses made on Budget Day, despite negative global cues.
As of 9.33 am, Sensex added 373 points, or 0.46 per cent, to reach 81,096, and Nifty gained 87 points, or 0.35 per cent to settle at 24,913.
Main broad-cap indices posted losses, as the Nifty Midcap 100 declined 0.50 per cent, and the Nifty Smallcap 100 lost 0.85 per cent.
All sectoral indices were trading in the red, except metal, realty as well as oil and gas. Nifty consumer durables and IT were major losers, down 1 per cent and 0.61 per cent.
Immediate support lies at 24,650-24,700 zone, while resistance is anchored at 25,950–25,000 zone, market watchers said.
Analysts said the market selloff on the Budget Day was a knee-jerk reaction to the sharp increase in STT on F&O trades. This was not aimed at raising revenue, but to discourage retail traders from complex F&O trading, in which 92 per cent of them were losing money.
A section of the market was also unrealistically expecting changes in the LTCGs tax, they added.