Nifty trades above 16,700; Europe opens in red

Key equity indices were trading near the day`s high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 137.23 points or 0.25% to 55,995.75. The Nifty 50 index gained 65.10 points or 0.39% to 16,723.50.

The continued escalation of the Russia Ukraine conflict and its consequent global economic fallout continued to weigh on the investors sentiment.

In the broader market, the S&P BSE Mid-Cap index was up 0.10% while the S&P BSE Small-Cap index rose 0.37%.

The market breadth was positive. On the BSE, 1929 shares rose and 1419 shares fell. A total of 159 shares were unchanged.

Hindalco Industries (up 7.21%), Tata Steel (up 5.78%), JSW Steel (up 4.82%), PowerGrid Corporation Of India (up 4.03%) and BPCL (up 3.52%) were top Nifty gainers.

HDFC Life Insurance Company (down 2.71%), Dr. Reddy`s Laboratories (down 2.58%), HDFC Bank (down 1.74%), Nestl� India (down 1.66%) and Axis Bank (down 1.66%) were major Nifty losers.

In the global market, the Dow Jones index futures were down 380 points, indicating a weak opening in the US stocks today.

European shares fell across the board as more sanctions have been imposed on Russia for its invasion of Ukraine, with the U.S., Europe and Canada agreeing Saturday to remove key Russian banks from the interbank messaging system, SWIFT. The U.K. and EU have also closed their airspace to Russian aircraft.

Asian stocks, however, settled higher as investors monitor the Russia-Ukraine crisis and related sanctions.

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