Home ›› 29 Mar 2022 ›› Stock
Indian shares recovered from early losses on Monday to snap a three-session losing streak, as heavyweight banks clawed back lost ground, and Coal India and telecom major Bharti Airtel posted sharp gains.
The blue-chip NSE Nifty 50 index (.NSEI) closed 0.4 per cent higher at 17,222, while the S&P BSE Sensex (.BSESN) rose 0.4 per cent to 57,593.49.
Both indexes had fallen 0.9 per cent in intraday trade, dragged down by heavyweight financials, after Shanghai announced a lockdown over the weekend to contain a spike in COVID-19 cases, stoking worries about a hit to global activity.
While Asian peers continued to face pressure, European shares gained as interest rate-sensitive stocks rose and hopes of a peace deal in the Ukraine crisis aided sentiment.
The Nifty and the Sensex have recouped some losses triggered by the Ukraine war and resultant spike in oil prices, but are still negative for the year.
The Nifty Financial Services index (.NIFTYFIN) closed 0.3 per cent higher after shedding 1.1 per cent during the session, with top private-sector lender HDFC Bank (HDBK.NS) recovering from a 2 per cent drop to end a tad higher.
Coal India (COAL.NS) jumped 2.8 per cent after the miner said it meets 98 per cent of projected coal demand of power plants.
Bharti Airtel (BRTI.NS) jumped 3.3 per cent to its highest closing level since late November, and was the top percentage gainer on the Nifty.
PVR (PVRL.NS) climbed 3.4 per cent and INOX Leisure (INOL.NS) surged 11.3 per cent, after the companies said they would merge as the COVID-hit entertainment industry looks for ways to recover and minimise losses.
Adani Total Gas (ADAG.NS) climbed as much as 8.2 per cent after the company announced a foray into electric mobility. The stock ended 4.2 per cent higher.
Gas distributor GAIL (GAIL.NS) jumped 3 per cent after it said late on Friday that it was considering a share buyback plan.
