Afternoon Session: Nifty, Sensex Recover Amid Volatile Mkt & Surging Oil Prices

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Afternoon Session: Nifty, Sensex Recover Amid Volatile Mkt & Surging Oil Prices

By Malvika Gurung

Investing.com -- In response to the Russian invasion of Ukraine, Western nations imposed a fresh set of sanctions against Russia over the weekend, including blocking select Russian banks from the SWIFT payments system.

As a result, crude oil prices surged in the morning session on Monday, with Brent climbing 4.3% to $102.14/barrel and WTI crude rising over 5% to $96.23/barrel.

Led by escalating oil prices and weak global cues, the Indian equity benchmark indices opened on a negative note on Monday. 

However, the indices recouped losses as the session proceeded, and at 1:30 pm, Nifty 50 was trading 0.32% higher and Sensex gained 0.22%.

Sectoral indices felt the heat of a volatile session, as all the sectoral indices on the Nifty basket were trading in red, except for Nifty Metal , Nifty IT and Nifty PSU Bank .

Nifty Metal outperformed the headline indices and its sectoral peers, soaring 4.14% higher at the time of writing. 

Nifty Bank was down 0.86%. The fear barometer, India VIX surged 7.12% to 28.64.

60% of the stocks listed on Nifty 50 were trading in green in the afternoon session, with gains led by Hindalco (NS: HALC ), Tata Steel (NS: TISC ), JSW Steel (NS: JSTL ) and Power Grid Corp (NS: PGRD ), up 4.2-7%.

On the 30-scrip Sensex, 14 stocks were trading higher at 1:40 pm, compared to only two stocks trading in green at 9:20 am on Monday.

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