The Indian equity benchmarks surged for the fifth straight session on Monday as crude oil prices fell on hopes of progress in Russia-Ukraine peace talks.
MarketEdited by Prashun TalukdarUpdated: March 14, 2022 3:33 pm IST
New Delhi:
The Indian equity benchmarks surged for the fifth straight session on Monday as crude oil prices fell on hopes of progress in Russia-Ukraine peace talks. Crude oil futures dropped 2.65 per cent to ₹ 8,114 per barrel. U.S. West Texas Intermediate (WTI) crude oil declined more than 3 per cent. The rates surged since Russia’s invasion of Ukraine and are up roughly 40 per cent for the year to date. India is the world’s third-biggest oil importer and consumer.
The 30-share BSE Sensex climbed 936 points or 1.68 per cent to settle at 56,486, while the broader NSE Nifty moved 241 points or 1.45 per cent higher to close at 16,871.
Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 index jumped 0.20 per cent and small-cap shares gained 0.22 per cent.
Nine out of the 15 sector gauges — compiled by the National Stock Exchange — settled in green. Nifty Bank and Nifty Financial Services outperformed the index by rising as much as 2.22 per cent and 2.16 per cent, respectively. However, Nifty Metal and Nifty Pharma slipped 0.47 per cent and 0.37 per cent, respectively.
On the stock-specific front, Infosys was the top Nifty gainer as the stock surged 3.79 per cent to ₹ 1,891. HDFC Bank, SBI, Axis Bank and ICICI Bank were also among the gainers.
HDFC Bank rose 3.25 per cent after Reserve Bank of India (RBI) lifted restrictions placed on the lender’s digital operations.
Paytm parent — One 97 Communications — cracked 12.84 per cent after Reserve Bank of India banned the payments firm from enrolling new customers and reports its founder Vijay Shekhar Sharma was arrested for crashing into a police car.
The overall market breadth stood slightly positive as 1,750 shares advanced while 1,723 declined on BSE.
On the 30-share BSE index, Infosys, HDFC Bank, SBI, Maruti, Axis Bank and ICICI Bank were among the top gainers.
In contrast, Hindustan Unilever, Sun Pharma, Dr Reddy’s and Tata Steel settled in the red.