After a gap-down start, the domestic equity markets witnessed a strong rebound, thanks to a rally in metal stocks and hopes for Russia-Ukraine negotiations on Monday.

At close, the Sensex was up 388.76 points or 0.70 per cent at 56,247.28, and the Nifty was up 135.50 points or 0.81 per cent at 16,793.90. About 2071 shares have advanced, 1290 shares declined, and 142 shares are unchanged.

Hindalco Industries, Tata Steel, Power Grid Corporation, JSW Steel and BPCL were among gainers on the Nifty, while losers included HDFC Life, Dr Reddy’s Labs, M&M, Axis Bank and HDFC Bank.

Metal counters led from the front as sanctions against Russia raised possibility of supply disruptions of aluminium and gas, which will push up prices. Russia produces about 6 per cent of the world’s aluminium and accounts for about 7 per cent of global nickel mine supplies. Meanwhile, in the broader market, the BSE MidCap and SmallCap indices added 0.8 per cent each.

Among individual stocks, Natco Pharma, Jindal Steel, BEL, Crisil, SAIL, Future Enterprises, Vadilal Industries, UTI AMC, and Shankara Industries soared up to 17 per cent.

On the sectoral front, apart from the Nifty Metal index, which closed nearly 5 per cent higher, the Nifty Oil and gas index (up 2.6 per cent), IT index (up 1 per cent), and the Nifty FMCG index (up 0.6 per cent) were the other star performers. On the flipside, the Nifty Auto and Bank indices were the worst hit, down 0.7 per cent each.

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“After the negative opening, the nifty index recovered in the early session and continued the upside move throughout the day and settled at 16793.90 levels with 0.8 per cent gains while Banknifty witnessed a negative move, closing at 36205.30 levels with 0.6 per cent losses. On the sectoral front, Nifty Metal has contributed more than 4 per cent gains followed by Nifty Energy, Infra & IT sector,” Choice Broking said in a note.

Global Cues

Moscow exchange delays start of trading, shuts FX repo market. Meanwhile, the ruble was indicated 28 per cent lower versus the dollar in offshore trading on Monday after Western nations stepped up sanctions against Russia following its invasion of Ukraine.

Hong Kong stocks started Monday slightly higher following a strong lead from Wall Street, though traders remain on edge over the Russia-Ukraine crisis with Western powers imposing fresh sanctions on Moscow. The Hang Seng Index rose 0.22 per cent or 50.99 points, to 22,818.17. The Shanghai Composite Index was marginally lower, dipping 1.09 points to 3,450.32, while the Shenzhen Composite Index on China’s second exchange was flat, inching up 0.16 points to 2,310.22.

Tokyo stocks opened lower on Monday with investors closely watching the Ukraine crisis. The benchmark Nikkei 225 index was down 0.54 per cent or 143.23 points at 26,333.27 in early trade, while the broader Topix index was down 0.16 percent or 2.95 points at 1,873.29. The Japanese market may see “drastic movement in prices, as uncertainty remains” over tensions in eastern Europe, even after US shares rallied on hopes for ceasefire negotiations between Russia and Ukraine.

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Wall Street capped a turbulent week of trading on Friday with a broad rally for stocks as relief flowed through the market, even as deadly attacks raged in Ukraine. Oil fell and investors turned away from gold and other traditional havens they favour when fear is high. The S&P 500 rose 95.95 points to 4,384.65. The Dow Jones Industrial Average rose 834.92 points, or 2.5 per cent, to 34,058.75. The Nasdaq composite gained 221.04 points, or 1.6 per cent, to 13,694.62.

Meanwhile, West Texas Intermediate crude surged more than five percent in early trade on Monday as traders grow increasingly worried about an energy crisis after Western nations imposed fresh sanctions on Moscow over its invasion of Ukraine. The contract rose 5.07 per cent to $96.23, while Brent was up 4.30 per cent at $102.14.

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