Indian shares ended Monday’s session higher as crude prices slumped on news of fresh Covid-19 lockdowns in China and investors pinned hopes of a breakthrough in Ukraine-Russia talks.
Russia and Ukraine will restart face-to-face peace negotiations today after the former signaled that it may scale down its war and aims to concentrate on eastern Ukraine.
Ukraine President Zelenskyy also said he wants to make a deal with Moscow over Donbas and he is willing to discuss adopting a neutral status too.
The Donbas region has been partly controlled by Russian-backed separatists since 2014.
The benchmark S&P BSE Sensex rose 231.29 points, or 0.40 percent, to 57,593.49 while the broader NSE Nifty index edged up by 69 points, or 0.40 percent, to settle at 17,222.
The upside remained capped by surging bond yields amid bets the Federal Reserve is preparing to begin an aggressive tightening cycle.
The 10-year US Treasury yield today rose above 2.5 percent, its highest level since May 2019 as rising inflation risks contributed to expectations of more aggressive Fed tightening.
Citi last week forecast 275 basis points of tightening this year including half-point hikes in May, June, July and September.
Bharti Airtel topped the gainers list to rise nearly 4 percent on analyst ratings while ICICI Bank, Eicher Motors, Axis Bank and Coal India climbed 2-3 percent.
On the flip side, HDFC Life, HDFC, Nestle India, SBI Life and UPL dropped 1-2 percent.
Sensex, Nifty Settle With Modest Gains
2022-03-28 11:06:24
