Sensex Jumps 389 Points, Nifty Settles Near 16,800 Amid High Volatility

In the broader market, the BSE Midcap and Smallcap indices added 0.8 per cent each. Investors turned hopeful amid hopes for Russia-Ukraine negotiations to be held at the Belarusian-Ukrainian border

New Delhi: After defying weak global trends amid Russia-Ukraine conflict, the key Indian benchmarks, Sensex and Nifty, on Monday turned positive and ended day’s trade in the green in a volatile market situation.

The 30-share BSE Sensex jumped 389 points (0.70 per cent) to close at 56,247; while the broader NSE Nifty moved 136 points (0.81 per cent) higher to settle at 16,794. Both the indexes, which started trade in the negative zone, swung between gains and losses before settling in the green for the second straight session.

In the broader market, the BSE Midcap and Smallcap indices added 0.8 per cent each.

10 out of the 15 sector gauges, compiled by the National Stock Exchange, settled in the positive zone. Nifty Metal outperformed the index by rising as much as 4.95 per cent.

Investors turned optimistic amid hopes for Russia-Ukraine negotiations to be held at the Belarusian-Ukrainian border.

Hindalco (up over 7 per cent), Tata Steel, Power Grid, JSW Steel, Coal India, BPCL, Titan, RIL, and Indian Oil Corporation were the biggest large-cap gainers on the bourses on Monday.

Metal counters led from the front as sanctions against Russia raised possibility of supply disruptions of aluminium and gas, which will push up prices. Russia produces about 6 per cent of the world's aluminium and accounts for about 7 per cent of global nickel mine supplies.

On the flipside, losses in HDFC Life, Dr Reddy's Labs, Axis Bank, HDFc Bank, M&M, Eicher Motors, HDFC, Tata Motors, and Hero MotoCorp kept gains in check.

In the previous session on Friday, Sensex had surged 1,329 points (2.44 per cent) to close at 55,859; while the broader NSE Nifty had moved 410 points (2.53 per cent) higher to settle at 16,658.

Meanwhile, according to reports, European stocks were sharply lower on Monday as global markets track developments in the Russia-Ukraine crisis. The pan-European Stoxx 600 dropped 1.7 per cent in early trade, with banks plunging 5.7 per cent. Meanwhile, futures linked to the US main stock indices were down over 1 per cent each.

Earlier in Asia, Japan's Nikkei closed 0.19 per cent higher, South Korea's Kospi added 0.8 per cent, while Hang Seng slipped 0.24 per cent.