Indian shares rise after sell-off fuelled by Ukraine tensions
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BENGALURU - Indian shares attempted a modest rebound on Tuesday from their worst sell-off in 10 months, helped by gains in IT stocks, even as global markets remained on the edge over escalating Russia-Ukraine tensions.
The NSE Nifty 50 index rose 0.45% to 16,936.95, as of 0346 GMT, while the S&P BSE Sensex was up 0.58% at 56,735.21.
Most Asian share markets were flat after U.S. and European stocks lost ground on Monday, as investors contemplated the implications of a potential imminent Russian invasion of Ukraine. [MKTS/GLOB]
"Markets are currently not conducive to holding stocks, trading below their 50- and 200-day moving average. It is better to protect capital by staying on the sidelines rather than taking risks," William O Neil India analysts said in a note.
IT stocks, which are defensive in nature, gained momentum in volatile markets, with the Nifty IT index up 1.6%.
Meanwhile, India's January retail inflation went over the upper limit of the Reserve Bank of India's tolerance band, accelerating to a seven-month high just above 6%. However, economists don't expect this to lead to an interest rate hike in the near future.
