Mumbai:Key indices of the Indian equities markets recovered on Monday after early indications of a possible BJP defeat in Gujarat sent the market plunging during early morning trade session.

Both the S&P BSE Sensex and NSE Nifty took an early beating but recovered from the day's low levels as value buying helped pair initial losses following reports that the Bharatiya Janata Party was set to retain power in Prime Minister Narendra Modi's home state. 

There has been an intra-day swing between the highest and lowest point of trade at the S&P BSE Sensex of over 800 points. 

At 9.50 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 36.30 points or 0.35 per cent at 10,296.95 points. 

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,364.52 points, traded at 33,320.20 points -- down 142.77 points or 0.43 per cent -- from its previous close. 

The Sensex touched a high of 33,398.73 points and a low of 32,595.63 points during the intra-day trade so far. 

The BSE market breadth was bearish as only 1,091 stocks advanced against a decline of 884 scrips. (IANS)