Indian shares ended a choppy session notably higher on Monday, as optimism over talks between Russia and Ukraine outweighed concerns over banning Russia from the Swift financial system.
The Russian ruble collapsed in value and Brent oil rebounded back above $100 per barrel as President Vladimir Putin put his country’s nuclear deterrent on high alert amid the ongoing conflict in Ukraine.
Russia’s central bank more than doubled interest rates to 20 percent in a desperate attempt to shore up the plummeting ruble and prevent the run of banks amid crippling Western sanctions over the Russian war in Ukraine.
The benchmark S&P BSE Sensex hit as low as 54,833 earlier in the day before reversing course to end the session up 388.76 points, or 0.70 percent, at 56,247.28, tracking intraday recovery in other Asian markets.
The broader NSE Nifty index moved in a similar fashion before closing up 135.50 points, or 0.81 percent, at 16,793.90.
Strong commodity prices helped lift metal stocks, with JSW Steel, Tata Steel and Hindalco climbing 5-7 percent.
On the losing side, HDFC Bank, Mahindra & Mahindra, Axis Bank, Dr Reddy’s Laboratories and HDFC Life fell 2-3 percent.
Market Analysis
Sensex, Nifty End Choppy Session Notably Higher
2022-02-28 11:12:36
