Benchmark BSE Sensex recovered from early lows to close higher by 389 points on Monday, supported by gains in index heavyweights Reliance Industries, ICICI Bank and Infosys.

The 30-share barometer closed at 56,247.28, up by 388.76 pts or 0.70 per cent.

After a weak opening, the barometer had plunged more than 1,025 points to the day's low of 54,833.50 in line with weak global sentiments.

The broader Nifty of the National Stock Exchange jumped by 135.50 points or 0.81 points to settle at 16,793.90.

As many as 33 Nifty scrips advanced while 17 declined.

Among major Sensex movers, Reliance Industries soared by 3.29 per cent as energy prices rose due to the war in Ukraine.

Tata Steel emerged as the lead gainer among Sensex scrips, jumping by 6.61 per cent.

Power Grid, Titan, NTPC, ICICI Bank, L&T, Infosys and Sun Pharma were among the gainers.

On the other hand, Dr Reddy's fell the most by 2.81 per cent, followed by Axis Bank, M&M and HDFC Bank.

Meanwhile, Asian markets recovered from early losses to close higher.

Japan's Nikkei 225 gained 0.2 per cent, the Shanghai Composite index rose by 0.3 per cent while the Kospi in Seoul climbed 0.8 per cent.

However, the Hang Seng in Hong Kong dropped 0.2 per cent.

Oil prices firmed up on Monday, with US benchmark crude rising 4.7 per cent to USD 95.92 per barrel and Brent crude gaining 4.5 per cent to USD 98.32 per barrel.

Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth Rs 4,470.70 crore in the Indian capital markets on Friday, exchange data showed.