Markets surge on hopes of easing tensions between Russia and Ukraine

Mar 04 2014, 19:23 IST
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The BSE benchmark, the Sensex ended 263.08 points or 1.26% higher at 21,209.73 points The BSE benchmark, the Sensex ended 263.08 points or 1.26% higher at 21,209.73 points
SummaryThe NSE’s Nifty was trading 76.50 points or 1.23% higher at 6,297.95 points

Markets ended more than 1% higher on Tuesday as Russian president Vladimir Putin ordered troops engaged in military exercises around Ukraine’s border to return to base. The BSE benchmark, the Sensex ended 263.08 points or 1.26% higher at 21,209.73 points, while the NSE’s Nifty was trading 76.50 points or 1.23% higher at 6,297.95 points.

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 (3.31%), BSE Bankex (2.47%) and BSE Capital Goods (2%) were the major gainers. Among individual stocks, Hindalco (7.82%), Sesa Sterlite (4.88%) and ICICI Bank (3.75%) were the major gainers on the 30-share Sensex.

Asian markets showed a mixed trend. The Nikkei (0.47%), Hang Seng (0.70%), Straits Times (0.56%) and Jakarta Composite (0.37%) ended in the green. Meanwhile, the Shanghai Composite (-0.18%), Taiwan Taiex (-0.55%) and Kospi (-0.54%) ended in the red.

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