Sensex Snaps 3-Day Losing Streak, Settles 231 Points Higher, Nifty Climbs 17,222

Bharti Airtel, up 4 per cent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL, IndusInd Bank, and Power Grid

Shares of PVR and Inox rose nearly 20 per cent on the BSE in Monday's intra-day trade after they announced merger between the two major multiplex owners, in an all stock amalgamation of Inox with PVR. Image: Getty

New Delhi: The key equity benchmarks, Sensex and Nifty, on Monday snapped 3-day losing streak after the market swung back to the positive zone in the later part of the day.

Investors worldwide pin hopes on fresh talks between Russia and Ukraine, besides declining crude oil prices.

The 30-share BSE Sensex climbed 231 points (0.40 per cent) to close at 57,593, while the broader NSE Nifty moved 69 points (0.40 per cent) higher to settle at 17,222.

Bharti Airtel, up 4 per cent, was the top gainer on the Nifty50 index, followed by Coal India, Axis Bank, Eicher Motors, ITC, SBI, ICICI Bank, HUL, IndusInd Bank, and Power Grid.

On the flipside, UPl, Dr Reddy's Labs, Nestle, HDFC, SBI Life, HDFC Life, HCL Tech, and Adani Ports were the top laggards, falling up to 2 per cent.

In the broader markets, the BSE Midcap and Smallcap indices ended 0.3 per cent and 0.5 per cent lower, respectively.

11 out of the 15 sector gauges, compiled by the NSE, ended in the green. Nifty PSU Bank and Nifty Bank outperformed the index by rising as much as 1.22 per cent and 0.85 per cent, respectively.

Shares of PVR and Inox Leisure zoomed up to 20 per cent on the BSE in Monday's intra-day trade after they announced merger between the two major multiplex owners, in an all stock amalgamation of Inox with PVR. Shareholders of Inox will receive three shares of PVR in exchange for 10 shares in Inox.

Previously on Friday, Sensex had slipped 233 points (0.41 per cent) to close at 57,362, while Nifty had moved 70 points (0.40 per cent) lower to settle at 17,153.

Meanwhile, Asian markets traded under pressure after China's financial hub of Shanghai announced a Covid-19 lockdown, spurring worries about a hit to global activity. Crude oil prices slid today as a coronavirus lockdown fuelled worries about weak demand. The spread of restrictions in the world's biggest oil importer saw Brent skid $4.35 to $116.33, while US crude fell $4.5 or 4 per cent to $109.38.

European stocks moved higher on Monday as investors continue monitoring developments in the war between Ukraine and Russia. The pan-European Stoxx 600 added 0.5 per cent in early trade, with insurance stocks climbing 1.3 per cent to lead gains as almost all sectors and major bourses entered positive territory.

On Wall Street, Dow Jones Futures were up 0.08 per cent while the Nasdaq Composite Futures dipped 0.3 per cent.