Mumbai, May 20 -- Benchmark indices recovered sharply from early losses on Wednesday, with the Sensex rebounding nearly 800 points from the day's low and the Nifty closing above 23,650. Oil & gas stocks led the recovery, while FMCG and IT shares remained under pressure. The market rebound was driven by value buying at lower levels, easing crude oil prices and hopes of de-escalation in Middle East tensions after reports showed Chinese oil tankers moving through the Strait of Hormuz. The 23,400-23,300 zone remains a crucial support area for the Nifty.

The S&P BSE Sensex advanced 117.54 points or 0.16% to 75,318.39, recovering the day's low of 74,529.41. The Nifty 50 index jumped 41 points or 0.17% to 23,659.

Relaince Industries (up 3.55%)...