Indian equity benchmarks recovered initial losses in a volatile session on Monday, extending gains to a second straight day, ahead of the release of the country’s official GDP data. Gains in metal, IT and oil & gas powered the recovery in headline indices, though losses in financial and auto shares limited the upside.
However, investors globally remained nervous amid heightened geopolitical tensions after the imposition of new Western sanctions on Russia over Ukraine.
The Sensex finished the session up 388.8 points or 0.7 percent at 56,247.3, rebounding 1,413.8 points from the weakest level of the day. The Nifty50 settled at 16,793.9, up 135.5 points or 0.8 percent from its previous close, making a comeback after sliding below the 16,400 mark during the session.
Hindalco, Tata Steel, Power Grid, JSW Steel, BPCL, Titan and Coal India — closing between 3.5 percent and 7.2 percent higher — were among the top blue-chip gainers. On the other hand, HDFC Life, Dr Reddy’s, Axis Bank, Mahindra & Mahindra, HDFC Bank, HDFC and Eicher — falling between 1.6 percent and three percent for the day — were the worst hit among the 16 laggards in the Nifty50 pack.
Reliance Industries, Infosys, ICICI Bank and Tata Steel were the biggest contributors to the gain in both headline indices.
Indian financial markets will remain shut on Tuesday for the Mahashivratri holiday.