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Swinging between red and green, Indian bourses were managed to keep their head above water in noon deals with both Sensex and Nifty were trading above 56,500 and 16,850 marks. Investor sentiments were boosted on the back of falling crude oil prices and easing of tension between Russia and Ukraine as both countries look for diplomatic route to end the incessant tussle. The reduced selling pressure from FII also sent positive signals to the market. Domestic investors will also be focusing on the US Federal Reserve, which meets on Wednesday and is expected to hike interest rates for the first time in three years to offset rising inflation. However, upside remain capped as investor remained worried over reports that China posted a steep jump in daily Covid-19 infections, with new cases more than doubling from a day earlier to a two-year high as a virus outbreak expanded rapidly in the country's northeast. Meanwhile, One97 Communications, the parent company of digital payments major Paytm, dropped out of the 100-most valued companies list on the BSE as the stock price of the company tanked a whopping 20 per cent in the last two trading sessions.

The BSE Sensex is currently trading at 56518.27, up by 32.25 points or 0.06% after trading in a range of 56265.27 and 56720.60. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.64%, while Small cap index was up by 0.51%.

The top gaining sectoral indices on the BSE were Auto up by 1.71%, Realty up by 1.68%, Consumer Discretionary up by 0.95%, Telecom up by 0.93% and Consumer Durables was up by 0.92%, while Metal down by 2.66%, Oil & Gas down by 1.31%, IT down by 1.02%, Energy down by 0.95% and TECK was down by 0.81% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.34%, Mahindra & Mahindra up by 3.21%, Ultratech Cement up by 1.88%, Bajaj Finserv up by 1.56% and Titan Co was up by 1.52%. On the flip side, Tata Steel down by 2.94%, Infosys down by 1.94%, Power Grid Corp down by 1.34%, Tech Mahindra down by 0.98% and Kotak Mahindra Bank was down by 0.93% were the top losers.

Meanwhile, Retailers Association of India (RAI) in its latest business survey has showed that retail business in India grew 10 percent in February 2022 compared to the sales level in the same month last year, signaling that the sector is inching towards normalcy. The rise witnessed last month marks a growth of 6 percent compared to February 2020.

The industry body said retail businesses across regions have indicated growth in February 2022, with sales in West India growing 16 percent against the same month last year. East India saw a growth of 4 percent against the year-ago month, while North India grew 17 percent as compared to February last year. Similarly, South India also witnessed a growth of 4 percent against February last year.

RAI said most categories are now indicating growth in business generated in February 2022 as compared to the previous two years. Categories such as consumer durables and electronics, food and groceries, and QSR have indicated rapid year-on-year growth of 28 percent, 19 percent, and 16 percent, respectively. Apparels and footwear categories have also indicated double-digit growth with a steady decline in the rate of COVID-19 cases. It said since most states have now lifted restrictions on store timings and retail operations, one can expect some sense of normalcy to return. However, inflation and the war situation in Ukraine will have some impact on business positivity.

The CNX Nifty is currently trading at 16878.40, up by 7.10 points or 0.04% after trading in a range of 16807.65 and 16927.75. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Tata Consumer Products up by 6.42%, Maruti Suzuki up by 3.31%, Mahindra & Mahindra up by 3.27%, Tata Motors up by 2.25% and Ultratech Cement was up by 1.90%. On the flip side, ONGC down by 4.71%, Hindalco down by 4.02%, Tata Steel down by 2.96%, JSW Steel down by 2.05% and Infosys was down by 1.94% were the top losers.

Asian markets were trading mostly lower; Taiwan Weighted dropped 336.98 points or 1.95% to 16,926.06, Shanghai Composite declined 105.60 points or 3.28% to 3,117.93, KOSPI fell 23.52 points or 0.89% to 2,622.13, Hang Seng decreased 785.76 points or 4.02% to 18,745.90 and Jakarta Composite was down by 14.56 points or 0.21% to 6,937.64. On the other side, Straits Times advanced 18.89 points or 0.58% to 3,250.92 and Nikkei 225 was up by 38.63 points or 0.15% to 25,346.48.

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