After opening with a sharp cut, India’s key indices — S&P BSE Sensex and NSE Nifty50 — have managed to recover its entire losses and rose marginally in afternoon trade riding on the reports that the Russia and Ukraine are likely to hold “peace talks” later in the day.
At 1.21 p.m., Sensex was 0.2 per cent or 119 points up at 55,977 points, whereas Nifty 0.3 per cent or 54 points up at 16,712 points.
Analysts say that some mild recovery in the equity is due to the news of peace talks, however, investors must continue with their “wait and watch” strategy.
In the afternoon trade, Hindalco, Tata Steel, JSW Steel, Power Grid Corporation of India, and BPCL were the top five gainers among the Nifty 50 companies, NSE data showed.
On the other hand, Dr Reddy’s, HDFC Life, HDFC Bank, Mahindra & Mahindra, and Axis Bank were the top five losers.
“Trading in this market is extremely risky. Investors may wait and watch the situation before taking some calls on market direction,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.