Indian shares continued their bull momentum for the fifth straight session on Monday, with financials and IT companies leading the surge.
Underlying sentiment was supported by falling oil prices amid hopes for progress in Russian-Ukraine peace talks.
U.S. West Texas Intermediate (WTI) crude futures were down nearly 5 percent in European trade after Russian President Vladimir Putin said on Friday there had been some “positive shifts” in the talks, but did not elaborate.
U.S. Deputy Secretary of State Wendy Sherman said on Sunday that Russia was showing signs it might be willing to have substantive negotiations over Ukraine.
Ukrainian negotiator Mykhailo Podolyak said that Russia was “beginning to talk constructively.”
The benchmark 30-share BSE Sensex rose 935.72 points, or 1.68 percent, to 56,486.02 while the broader NSE Nifty index settled at 16,871.30, up 240.85 points, or 1.45 percent, from its previous close.
Investors shrugged off data showing that India’s wholesale price-based inflation accelerated to 13.11 percent in February from a year ago, compared to 12.96 percent in the previous month.
ICICI Bank, Axis Bank, SBI, HDFC Bank and Infosys jumped 3-4 percent in the Nifty pack while HDFC Life, Tata Motors, Hindustan Unilever, ONGC and IOC dropped 1-3 percent.
Market Analysis
Sensex, Nifty Extend Gains For Fifth Day
2022-03-14 11:15:02
