Markets were trading 1% higher on Tuesday as Russian president Vladimir Putin ordered troops engaged in military exercises around Ukraines border to return to base. The BSE benchmark, the Sensex was trading 245.88 points or 1.17% higher at 21,192.53 points, while the NSEs Nifty was trading 69.50 points or 1.12% higher at 6,290.95 points at 1.00 pm IST.
According to experts, the developments in Ukraine are going dictate the short-term sentiment at least until the general elections that are slated to begin in April. Conviction levels will be tested in the run-up to the elections keeping it volatile. The Ukraine issue is one among several global issues which will influence the market sentiment at least till the polls," said Lalit Nambiar, fund manager and head (research), UTI Mutual Fund.
Among sectoral indices, BSE Metal (2.12%), BSE Bankex (1.95%) and BSE Capital Goods (1.49%) were the major gainers. Among individual stocks, Hindalco Industries (4.74%), Axis Bank (3.49%) and ICICI Bank (3.43%) were the major gainers on the 30-share Sensex.
Asian markets were showing a mixed trend. The Nikkei (0.47%), Hang Seng (0.93%), Straits Times (0.82%) and Jakarta Composite (0.15%) were trading in the green. Meanwhile, the Shanghai Composite (-0.18%), Taiwan Taiex (-0.55%) and Kospi (-0.54%) were trading in the red.