Benchmark indices were trading higher during the afternoon on Monday, led by banks and IT.

Market opened on a weak note, tracking negative global cues as investors remained concerned regarding ongoing geopolitical tensions between Russia and Ukraine. Volatility persisted in the market in the first half.

At 1 pm, the BSE Sensex was trading at 58,025.38, up 192.41 points or 0.33 per cent, near the day’s high of 58,040.78. It recorded an intraday low of 57,167.02. The Nifty 50 was trading at 17,326.65, up 50.35 points or 0.29 per cent, near the day’s high of 17,327.20. It recorded an intraday low of 17,070.70.

Shree Cement, ICICI Bank, Infosys, Wipro and Powergrid were the top gainers on the Nifty 50 while UPL, Hindalco, TCS, Divi’s Lab and Titan were the top losers. 

Investors remained concerned regarding continued FII selling. Major headwinds including rate hike fears, firm commodity prices, especially crude oil, and rising bond yields have also been weighing on global investor sentiments.

Pharma, metals, oil & Gas under pressure

On the sectoral front, a majority of indices were in the red. While banks and IT gained, oil & gas, pharma and metals dragged.

Nifty Private Bank was up 1.15 per cent. Nifty Bank and Nifty Financial Services were up 0.98 per cent and 0.63 per cent, respectively. 

Meanwhile, Nifty Oil & Gas was down 0.81 per cent. Nifty Pharma and Nifty Healthcare Index were down 0.60 per cent and 0.49 per cent, respectively. Nifty Metal was down 0.59 per cent. 

Broader indices

Broader indices also faced pressure.

Nifty Midcap 50 was up 0.01 per cent while Nifty Smallcap 50 was down 1.22 per cent. The S&P BSE Micap was down 0.04 per cent while the S&P BSE Smallcap was down 1.03 per cent.

The volatility index rose 1.50 per cent to 22.50.

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