Equities recover from losses to settle in green, Nifty metal top mover

After recovering during the afternoon session, India's key indices -- S&P BSE Sensex and NSE Nifty50 -- on Monday managed to extend its gains to settle in the green.

The indices opened sharply lower on Monday to later recover its entire losses to trade in the green during the closing hours, riding on the reports that Russia and Ukraine are likely to hold peace talks.

Accordingly, Sensex settled 0.7 per cent up or 389 points at 56,247, whereas Nifty 0.8 per cent or 136 points up at 16,793 points.

On the stocks front, Hindalco, Tata Steel, Power Grid Corporation of India, JSW Steel, and BPCL were the top five gainers among the Nifty 50 companies, rising 7.2 per cent, 6.3 per cent, 5.6 per cent, 4.6 per cent, and 3.9 per cent, respectively, NSE data showed.

On the other hand, HDFC Life, Dr Reddy's, Axis Bank, Mahindra & Mahindra, and HDFC Bank were the top five losers.

On the sectoral indices front, Nifty metal, and oil and gas were the top movers, with Nifty metal rising 5 per cent.

"Despite opening on a negative tone, domestic indices staged a strong recovery lifted by metal stocks and positive Asian markets. Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share," said Vinod Nair, Head of Research at Geojit Financial Services.

For fresh cues, domestic investors are keenly awaiting the release of the Q3FY22 GDP data, which is expected to be released later on Monday, Nair said.