New Delhi, July 31 -- The Indian stock market staged a smart rebound in intraday trade on Thursday, July 31, with stocks such as Hindustan Unilever (HUL) and ITC leading the recovery.

The Sensex jumped over 1,100 points from the day's low, while the Nifty 50 reclaimed the 24,950 level.

Finally, the Sensex closed 296 points, or 0.36 per cent, down at 81,185.58, and the Nifty 50 settled 87 points, or 0.35 per cent, down at 24,768.35. The BSE Midcap index dropped 0.70 per cent, while the Smallcap index declined 0.85 per cent.

The recovery in the benchmark indices appears to stem from the belief that Trump's tariffs will impact certain sectors and stocks, but not the overall market.

Trump announced a 25 per cent tariff and a penalty on In...