The S&P BSE Sensex and NSE Nifty 50 Indexes staged recovery in afternoon deals as heavyweights like Axis Bank, Maruti Suzuki, Reliance Industries, Bharti Airtel and Mahindra & Mahindra witnessed some buying interest. Earlier in the day, Sensex fell over 400 points and the Nifty 50 Index touched an intraday low of 10,848 mirroring losses in other global markets after the US President Donald Trump said he would slap a 10 per cent tariff on the remaining $300 billion of Chinese imports starting September 1. The Sensex recovered as much as 529 points from day's low to hit and intraday high of 37,136.22 and the NSE Nifty 50 Index reclaimed 11,000 mark.

As of 1:35 pm, the Sensex traded 0.17 per cent or 63 points higher at 37,081 and the NSE Nifty 50 Index rose 0.2 per cent or 22 points to 11,002.

Sixteen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Metal Index's 2.3 per cent fall. Power, realty, oil & gas, banking and industrials sector gauges also fell between 0.8 and 1.4 per cent each.

On the other hand, S&P BSE Telecom Index was top gainer, up 1.8 per cent. S&P BSE Auto Index also rose 0.7 per cent.

Coal India was top loser in the Nifty 50 basket of shares, the stock declined 2.8 per cent to Rs 197. Tata Steel, Wipro, ONGC, Vedanta, HCL Technologies, Indian Oil, Hindalco, ICICI Bank and GAIL India were alo among the losers.

On ther flipside, Bharti Airtel was top gainer, the stock rose 3.8 per cent despite the company reporting loss of Rs 2,866 crore in June quarter.

Bajaj Auto, Eicher Motors, Asian Paints, Mahindra & Mahindra, Maruti Suzuki, Axis Bank, UltraTech Cement and Adani Ports were also among the gainers.