By Rama Venkat
BENGALURU (Reuters) -Indian stocks recovered early losses to close higher on Monday as energy and metal stocks gained, while shares of Future Group companies rose on reports Reliance would take over its retail stores.
The blue-chip NSE Nifty 50 index ended up 0.81% at 16,793.90, while the S&P BSE Sensex rose 0.70% to 56,247.28 ahead of domestic economic growth data due later in the day and a meeting between Ukraine and Russia.
Indian markets will be closed on Tuesday for a holiday.
“Markets are in heightened volatility, it is simply responding to the news on the Ukraine front. Now there are hopes that something positive might come out of talks between Russia and Ukraine,” said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services.
The Ukrainian presidency said on Monday a delegation arrived at the border with Belarus for talks with Russian representatives that will focus on achieving an immediate ceasefire and the withdrawal of Russian forces.
India’s GDP data is set to be released at 1200 GMT. The country’s economy likely grew 6% year-on-year during the three months ended December 2021, with fears growing over slowing momentum after Russia’s invasion of Ukraine, a Reuters survey of economists showed last week.
India is the world’s third-largest importer of oil, and high prices percolate through the economy and hurt consumers, while also widening the country’s current account deficit.
Shares of Future Group companies Future Consumer, Future Enterprises, Future Retail and Future Supply Chain Solutions rose between 5% and 16%.
Media reports said Reliance Industries would take over at least 200 Future Retail stores after the debt-laden group failed to make lease payments.
Nifty’s metal index and energy index were among the top performers, climbing 4.95% and 2.63%, respectively. Aluminium producer Hindalco Industries was the top gainer on the Nifty 50, soaring 7.5%.
(Reporting by Rama Venkat in Bengaluru; Editing by Sherry Jacob-Phillips)
