Sensex, Nifty End Higher as Bulls Take Charge on Monday; Nifty Metal Roars

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Sensex, Nifty End Higher as Bulls Take Charge on Monday; Nifty Metal Roars
Credit: © Reuters.

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 Nifty 50 ended 0.81% higher and Sensex 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.

Nifty Metal surged almost 5%, outpacing all the other sectoral indices on the Nifty basket. Nifty IT gained 1.1%, while Nifty Bank ended 0.62% lower.

Broader market indices outperformed their headline peers, with the Nifty Midcap 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: HALC ), Tata Steel (NS: TISC ), PowerGrid Corp (NS: PGRD ) and JSW Steel (NS: JSTL ), up 4.6-7.2%.

On the 30-scrip Sensex, 17 stocks ended higher, and the fear barometer, India VIX 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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  • Vishal Aggarwal @Vishal Aggarwal
    It is really surprising to see market going up in india when markets across world is going down.  Is india expecting to gain business, while they are not voting in favour of west !
    Like 0
  • Koushik Chakraborti @Koushik Chakraborti
    ACTUALLY INDIAN MARKET AT PRESENT FULL OF NSE/BSE/SEBI/GOVT. SPONSORED AND BACKED MULTIPLE HARSHAD MEHTAS.IN THE WHOLE WORLD TWO MOST CORRUPTED COUNTRIES SHARE FUTURES ARE TRADING HIGH i.e. INDIA AND PAKISTAN.
    Like 3

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