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By Malvika Gurung
Investing.com — Indian benchmark equity indices ended a choppy session in green on Monday, after opening with cuts, following weak global cues, led by fresh sanctions imposed by Western countries on Russia over the weekend, sending oil prices surging.
However, the domestic market recovered from the early downfall and managed to end the session in the green, led by late buyings, and extending gains to the second straight day.
Benchmark gauges ended 0.81% higher and gained 388.76 points or 0.7% on Monday, led by the metal, IT and oil & gas scrips supporting the market, while losses in auto and financial stocks pulled the market lower.
Investors globally remained cautious of the aggravating Russia-Ukraine crisis and will closely monitor the developments around the Russia and Ukraine negotiations.
Metal stocks rallied on Monday, in hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share, stated Vinod Nair from Geojit Financial Services.
surged almost 5%, outpacing all the other sectoral indices on the Nifty basket. gained 1.1%, while ended 0.62% lower.
Broader market indices outperformed their headline peers, with the ending 0.97% higher and the Nifty 500 advancing 0.85%.
The Nifty50 index recovered its early losses, as 66% of stocks ended higher, led by Hindalco (NS:), Tata Steel (NS:), PowerGrid Corp (NS:) and JSW Steel (NS:), up 4.6-7.2%.
On the 30-scrip Sensex, 17 stocks ended higher, and the fear barometer, surged 6.84%.
Experts predict volatility to remain high over the next few sessions, as uncertainties loom around the Russia-Ukraine crisis, and a lot could unfold only after the talks between the Russian and Ukrainian officials.
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