Sensex ends 1,414 pts off low, gains 389 pts; Tata Steel rises 6%, RIL 3%

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

CLOSING BELL

Key benchmark indices defied the weak global market trend and turned sharply higher on Monday as Russia and Ukraine began talks at Belarus border. Despite the ongoing conflict between the two countries, headline S&P BSE Sensex and the Nifty50 gained 0.7 per cent each supported by buying in metal, IT, Realty, and PSB stocks. 

The BSE 30-pack index had fallen over 1,000 points in the early morning deals, but recovered smartly to rise nearly 1,500 points from the day's low. It eventually settled the day at 56,247, up 389 points.

On the NSE, the Nifty50 index had hit a low of 16,356 in morning deals, but closed the day at 16,794, up 135 points from Friday's close.

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

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. READ MORE

On the downside, 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.

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Meanwhile, in the broader market, the BSE MidCap and SmallCap indices added 0.8 per cent each.

Among individual stocks, Natco Pharma, Jindal Steel, BEL, Crisil, SAIL, Future Enterprises, Vadilal Industries, UTI AMC, and Shankara Industries soared up to 17 per cent.

On the sectoral front, apart from the Nifty Metal index, which closed nearly 5 per cent higher, the Nifty Oil and gas index (up 2.6 per cent), IT index (up 1 per cent), and the Nifty FMCG index (up 0.6 per cent) were the other star performers. On the flipside, the Nifty Auto and Bank indices were the worst hit, down 0.7 per cent each.

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Global markets

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.

4:28 PM

Post closing expert views by Vinod Nair, Head of Research, Geojit Financial Services

<< Aggravated Russia-Ukraine conflict along with fresh sanctions on Russia by global powers weighed on Western markets.

<< Despite opening on a negative tone, domestic indices staged a strong recovery lifted by metal stocks and positive Asian markets. Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share.

<< Domestic investors also keenly await the release of the Q3 GDP data later today which is forecasted at 6.5% against 8.4% in Q2"

Views by Vinod Nair, Head of Research at Geojit Financial Services.

 

4:25 PM

Nifty technical view : Immediate support seen around 16,650-16,500 levels

<< Technically, the nifty index has formed a long green candle and sustained above the Lower Bollinger Band formation but still trading below the 200-Days SMA.

<< Moreover, on an hourly chart, the index shifted above 21-SMA, which suggests further recovery. A momentum indicator RSI has pulled up from the oversold zone & Stochastic witnessed a positive crossover, which indicates short covering for the near term.

<< At present, Nifty has immediate support around 16650/16500 levels, while upside the resistance around 17000 levels. 

 

Views by Sachin Gupta, AVP, Research, Choice Broking

4:21 PM

Future Retail gains 7% on report Reliance may take over co's 250 more stores

Reliance will add 250 more Future Retail stores to its portfolio after the company failed to make lease payments for the outlets to Reliance, reported Reuters. The plans - which sources said will be executed within weeks - come after Reliance took possession of and started rebranding about 200 of Future's Big Bazaar supermarkets over the weekend. 

 

4:18 PM

BSE Stats : Advance-decline ratio broadly positive at around 2:1

 

4:14 PM

Coal India rises 3% as govt allows sale through common e-auction window

The government on Saturday approved offering the dry-fuel by coal companies, including state-owned CIL, through a common e-auction window instead of sector specific auctions. 

 

4:11 PM

Biocon slips 11% as investors unimpressed with Viatris acquisition deal

Biocon Biologics (BBL), the subsidiary of the company, announced to acquire Viatris’ biosimilars assets for up to $3.335 billion in stock and cash. 

 

4:06 PM

Bharat Electronics climbs 5% on winning govt contract worth Rs 1,075 crs

Read the update here

 

4:03 PM

HUL takes 2-10% price hikes in select products, stock recovers 2% from day's low

HUL has raised prices of certain products by 2-10%. This is for a second time in February, ET Now reported. The stock closed flat after recouping day's losses.

 

 

3:57 PM

UTI AMC, Natco Pharma, Gail among top gainers from BSE 500 lot

 

3:54 PM

Nifty losers : HDFC Life, Dr Reddy's, M&M limit upside, slide up to 3%

 

3:51 PM

Nifty winners: Hindalco, Tata Steel lift index as global supply crunch to benefit sector

 

3:48 PM

Gains spread across broader markets; MidCap, SmallCap indices close firmly up

 

3:45 PM

Sectoral winners : Metals, Energy, IT shine; Auto, Financials end in red

Nifty Metals closes 5 per cent higher, followed by Oil & Gas and IT, up 2.6 per cent 1 per cent up respectively. 

 

3:40 PM

Sensex-30 Heatmap : 18 shares advance; Tata Steel, Titan, PowerGrid, Reliance gain 3-6%

 

3:38 PM

Closing Bell : Nifty gains 0.8%, slightly misses 16,800 mark

Benchmark indices turned positive in the fag-end of Monday's session despite weakened europe and US stock futures.