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Indian equity markets recovered despite the heightened geopolitical crisis between Ukraine and Russia.

Benchmark indices gained sharply in March after a drop in February. Benchmark Sensex and Nifty rose over 10 per cent in the past one-month period, data showed.

To put things in context, the Russia-Ukraine crisis has exacerbated the macro backdrop and caused commotion in global equity, bond and commodity markets with sharply elevated volatility.

Despite the crisis, 65 per cent of the BSE 200 index constituents gained in March. On the other hand, 70 per cent of the Nifty index constituents gained in the same month, said brokerage house Motilal Oswal Financial Services.

Coming to sectoral stocks, excluding the automobiles sector, all major sectors had advanced in March, said the brokerage.

Adani Group companies (Adani Power, Adani Total Gas, Adani Enterprises) were the leading gainers at over 25 per cent month-on-month in March. However, higher crude oil prices remain the biggest external risk to the Indian economy as it trades close to $100 per barrel. Petrol and diesel prices have seen almost a consistent increase post the state Assembly election results in March.

Petrol and diesel prices have seen a cumulative increase of Rs 9 to Rs 10 per liter, respectively, in the past 15 days.