Sensex zooms 1,400 points from day's low, Nifty ends at 16,793; metal stocks top gainers

The Indian equity market recovered from the crash in early trade amid reports that Russia and Ukraine would engage in talks to resolve the war situation between the two neighbours.  

Sensex rebounded 1,414 points from the day's low to close in the green for the second consecutive session. Sensex, which slipped 1,025 points to 54,833, closed 388 points higher at 56,247. Nifty ended 135 points higher at 16,793. Earlier, the index had slipped 302 points to 16,356.  

Tata Steel, PowerGrid,  Reliance Industries and Titan were the top Sensex gainers, rising up to 6.61 per cent today.  Dr Reddy's Laboratories,  M&M and Axis Bank were the top Sensex losers, falling up to 2.81 per cent.

Of 30 Sensex stocks, 17 ended in the green. Market cap of BSE-listed firms rose to Rs 252.38 lakh crore against the previous session's Rs 250 lakh crore.

Share Market Updates: Sensex rises 388 points, Nifty nears 16,800; Tata Steel, PowerGrid, Titan top gainers

Market breadth was positive with 2,114 stocks ending higher against 1332 stocks closing lower on BSE. 146 shares were unchanged.  BSE mid cap and small cap indices rose 193 points and 211 points, respectively.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "It was a highly volatile session and benchmark indices gyrated sharply before ending higher despite lingering woes over the ongoing Russia-Ukraine battle. For India, rising crude oil prices has been a major worry, which will increase the oil import bill and subsequently trigger a spike in inflation going ahead. Technically, Nifty has formed a long bullish candle which is broadly positive. Currently the market is hovering between 16500-16750 price ranges. In the last hour of trade, it cleared the resistance of 16750 but it would be interesting to see whether the index would be able to hold on to the level. For the traders, 16600 would be the immediate support level to watch out and above the same the index could continue the momentum till 16850-16950. However, a dismissal of 16600 could possibly trigger one more correction wave till 16500-16350."

Oil and gas, consumer durables and metal shares were the top sectoral gainers on BSE. BSE Oil and Gas index zoomed 418 points, consumer durables index surged 864 points and BSE Metal climbed 1077 points.  

India VIX, the stock market's volatility index, rose 6.84 per cent to 28.57, indicating an increase in volatility in trade today.

On Friday, the Indian equity market staged a strong rebound, erasing half of the losses from the previous session. Sensex ended 1,328 points higher at 55,858 and Nifty rose 410 points to 16,258. With that day's rally, Indian market snapped its seven sessions of losing streak.

Tata Steel, IndusInd Bank, NTPC and Bajaj Finance were the top Sensex gainers, rising up to 6.54 per cent.

Foreign institutional investors (FIIs) sold shares worth Rs 4,470 crore on February 25, and domestic institutional investors (DIIs) lapped up shares worth Rs 4,318 crore, as per provisional data available on NSE.

Global markets

Global equity markets were trading on a mixed note as Russia and Ukraine were engaged in talks to resolve the war situation since Thursday last week.  Germany's DAX fell 2.1 per cent to 14,263.95 and the CAC 40 in Paris lost 2.3 per cent to 6,595.83. Britain's FTSE 100 shed 1.7 per cent to 7,365.29.  

 Japan's Nikkei 225 index recovered from earlier losses to edge 0.2 per cent higher to 26,526.82. The Hang Seng in Hong Kong lost 0.2 per cent to 22,713.02. The Shanghai Composite index gained 0.3 per cent to 3,462.31. The Kospi in Seoul climbed 0.8 per cent to 2,699.18, while in Sydney the S&P/ASX 200 gained 0.7 per cent to 7,049.10.