Paring its opening session losses, India’s key equity indices — Sensex and Nifty — settled higher on Monday.
Sensex gained 0.4 per cent or 231 points at 57,593 points, whereas Nifty settled at 17,222 points, up by 0.4 per cent or 69 points.
“While Indian equities showed resilience and bounced back in green following a positive European market. We can expect an ease in this volatility based on the cessation of the war, commodity prices and supply constraints,” said Vinod Nair, Head of Research at Geojit Financial Services.
Among the individual stocks, Bharti Airtel, Coal India, Axis Bank, Eicher Motors, and ICICI Bank were the top gainers among the Nifty 50 companies, rising 3.9 per cent, 2.7 per cent, 2.1 per cent, 1.6 per cent, and 1.6 per cent, respectively.
“Benchmark Indices reversed early morning losses on positive global cues and hopes of RBI opting for status quo at its policy meeting scheduled during the first week of April,” said S. Ranganathan, Head of Research at LKP securities.
The resumption of international flights energised hospitality stocks while the ongoing consolidation in the media sector and positive tailwinds in the telecom space lent ammunition to the bulls, said Ranganathan.
On the other hand, UPL, SBI Life, Nestle India, HDFC, and HDFC Life were the top five losers on Monday.