Stock market update: Metal, Oil & Gas help Nifty clinch 16,700, Sensex gain over 100 points; domestic economic growth data in focus

After opening lower by nearly 1.5 per cent, benchmarks were back to trading in the green on Monday. The broader Nifty 50 gained nearly 0.25% to trade above 16,700, while the Sensex too added over 100 points amid volatility due to Russia-Ukraine war and weak global cues. Investor focus was also on domestic economic growth data due later in the day.  

At 12.10 pm, barometer indices were trading higher at 16,702 and 55983 amid push from metal and oil & gas sectors as mid cap and small cap indices too turned green in the afternoon session.  

As many as 14 shares advanced on the Sensex and 25 were sitting in the green on Nifty50 as Hindalco, JSW Steel, Tata Steel, BPCL, PowerGrid, NTPC, Tech Mahindra, L&T, Reliance, Titan and Infosys gained the most.  

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Dr Reddy's, HDFC Life, Axis Bank, Nestle India, Eicher Motors, HDFC Bank, Maruti, Bharti Airtel, Asian paints and Kotak Bank were top laggards on the two indices as 25 shares declined on the Nifty and 16 sat in the negative on the NSE.  

All broader indices turned green too as India VIX (Volatility index) stood at 29 with 7% change.  

Among the sectors, Nifty Metal surged the most as the index gained 3.75%, followed by oil & gas which gained 1.64% amid rising crude price. Besides Nifty Consumer Durables, IT and PSU Bank too gained marginally as all other sectors traded in the red. The 12-share banking index Nifty Bank was over 300 points to trade near 36,100.  

Singapore to impose sanctions and restriction on Russia 

Meanwhile, in a relate development to Russia-Ukraine war, Singapore will impose "appropriate sanctions and restrictions" on Russia, its foreign minister said on Monday, including banking and financial measures and export controls on items that could be used as weapons against the people of Ukraine, as per Reuters.  

Rubel Sinks 26% after SWIFT sanctions against Russian banks 

The ruble sank nearly 26% against the U.S. Dollar early Monday after Western nations moved to block Russian banks from the SWIFT global payment system, said news agency PTI. 

The ruble was trading at a record low 105.27 per dollar, down from about $84 per dollar late Friday. 

Over the weekend, Japan joined the moves by the U.S. And other western nations to impose more sanctions against Russia. 

Restrictions on the Russian central bank target its access to more than $600 billion in reserves the Kremlin has at its disposal. They hinder Russia's ability to support the ruble as it plunges in value.